S&P lifts Millennium Inorganic

Standard & Poor's said it raised its issue-level rating on the Millennium Inorganic Chemicals' second-lien debt to BB- from B+ and revised its recovery rating to 4 from 5, indicating an expectation for an average recovery in the event of a payment default.

All other ratings, including the BB- corporate credit rating, remain unchanged. The outlook is stable.

The agency said the ratings on Millennium reflect the company's limited focus on cyclical markets subject to commodity product cycles and our limited visibility into its financial policy. S&P said its expectation that the company will maintain good free cash flow and adequate liquidity partially offsets these risks.

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