S&P cuts Lucite International Group, rates loan B+

Standard & Poor's said it lowered its long-term corporate credit 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, S&P said it assigned its B+ debt rating and 2 recovery rating to Lucite International U.S. Finco Ltd.'s new $900 million senior secured bank loan and to Lucite International Finco Ltd.'s new $100 million bank loan.

Furthermore, the B+ rating on Lucite's 10.25% bonds due 2010 was affirmed, the agency added, noting that the downgrade reflects the weakening of Lucite's key credit ratios following an ongoing private-equity-led recapitalization and resulting material debt-funded returns to shareholders.

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