S&P ups Millennium Inorganic, rates revolver BB

Standard & Poor's said it raised its corporate credit rating on Millennium Inorganic Chemicals to BB- from B+. The outlook is stable.

The agency said it also raised the issue-level ratings on the company's first-lien term loan to BB from BB- and maintained the recovery rating at 2. The agency raised the issue-level rating on the company's second-lien debt to B+ from B- and revised the recovery rating to 5.

At the same time, the agency said it assigned its BB issue-level rating and 2 recovery rating to the company's new $120 million first-lien revolving credit facility due 2014.

"The upgrade reflects our expectation that Millennium will continue to benefit from favorable supply and demand dynamics in titanium dioxide, and that moderating selling price increases in 2012 will be offset through increased access to cost-advantaged feedstock," said S&P credit analyst Seamus Ryan in a news release.

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