S&P ups Mandra notes

Standard & Poor's said it raised its long-term corporate credit rating on Mandra Forestry Finance Ltd. to CC from D with a stable outlook and then withdrew the rating at the company's request.

At the same time, the agency said it also raised the issue rating on Mandra's outstanding issue of $195 million of 12% guaranteed senior notes to BB from D.

S&P said it raised the corporate credit rating to reflect its understanding that a guarantee from Sino-Forest Corp. (BB/stable) will help Mandra to service its outstanding senior notes.

The rating also took into consideration its view of Mandra's highly vulnerable credit risk profile, according to the agency.

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