S&P upgrades Kerling

Standard & Poor's said it raised to B- from CCC its long-term corporate credit rating on Kerling plc and removed it fom CreditWatch developing.

The agency also assigned a B+ rating to the $100 million senior secured revolving credit facility. The recovery rating is 1, reflecting an expectation of 90% to 100% recovery in the event of a default. A B- rating was assigned to the $785 million 10 5/8% senior secured notes due 2017, with a recovery rating of 3, reflecting an expectation of 50% to 70% recovery in the event of default.

The outlook is stable.

The ratings reflect the company's fair business risk profile and a highly leveraged financial risk profile, S&P said.

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