S&P ups Legrand notes to BB-

Standard & Poor's said it raised its corporate credit ratings on Legrand Holding SA and Legrand to BB+ from BB.

At the same time, S&P raised the ratings on Legrand Holding's $350 million senior unsecured notes and €277.5 million senior unsecured notes to BB- from B+. It raised the rating on Legrand's $400 million 8½% debentures (Yankee bonds) to BB- from B+ and removed it from CreditWatch positive where it had been placed on Jan. 27.

S&P affirmed its B short-term ratings on Legrand Holding and Legrand. The outlook is positive.

S&P said the rating actions reflect a steady improvement in Legrand Holding's financial profile, thanks to its solid free cash flow generation and debt reduction after the company's Dec. 10, 2002, €4.9 billion leveraged buyout acquisition by Wendel Investissement SA (BBB+/stable/A-2) and Kohlberg Kravis Roberts & Co. LP.

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