S&P ups Lupatech, ratings on watch

Standard & Poor's said it raised its corporate credit rating on Lupatech SA to CCC- from D on the global scale and to brCCC- from brD on the Brazilian national scale.

The agency withdrew the D rating on Lupatech Finance Ltd.'s perpetual bond, given that it will no longer exist.

The ratings were also placed the ratings on CreditWatch positive.

Lupatech completed its restructuring plan, converted its capital market debts (85% of debenture and perpetual bond to equity and 15% in new notes) to equity, and renegotiated banking debt including a partial equity exchange.

S&P said the CreditWatch positive listing reflects a possible upgrade within the next 90 days after it reassesses the company's credit quality under its new capital structure, taking in consideration the potential improvements in its liquidity and business plan.

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