S&P ups Kabel Deutschland bonds

Standard & Poor's said it raised its issue ratings on the €250 million of 10¾% bonds due 2014 and $610 million of 10 5/8% bonds due 2014 issued by Kabel Deutschland GmbH to B+ from B.

The recovery rating on this debt was revised to 4 from 5, the agency added.

The upgrade reflects its assumption of lower senior secured debt outstanding at the hypothetical point of default in 2014, S&P said, noting that this follows Kabel Deutschland's recent partial extension of the maturity profile of its senior secured debt instruments to 2014 from 2012-2013.

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