S&P cuts Lucite International

Standard & Poor's said it lowered its long-term corporate rating on Lucite International Group Holdings Ltd. to B+ from BB and removed the rating from CreditWatch with negative implications, where it was placed on June 7.

The outlook is stable.

At the same time, the B+ ratings on Lucite's 10.25% 2010 bonds were affirmed, the agency said, adding that the downgrade reflects the weakening of Lucite's key credit ratios after a private equity-led recapitalization and related material debt-funded returns to shareholders.

The affirmation of the bond rating reflects S&P's expectation that they will be fully refinanced by the recapitalization.

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