S&P cuts Sappi notes to B+, rates loan BB

Standard & Poor's said it assigned a BB rating to a €209 million senior secured revolving credit facility issued by Sappi Ltd. (BB-/stable/B) with 2 recovery rating.

The agency revised the company's $500 million 6¾% senior unsecured notes due 2012 and $250 million 7½% senior unsecured notes due 2032 to B+ from BB- and revised the recovery ratings to 5 from 3.

The agency revised a €400 million facility to BB from BB- and revised the recovery rating to 2 from 3.

The agency removed ratings from CreditWatch, where they were placed with negative implications on July 20.

S&P said the actions reflect the company's series of refinancing transactions that were intended to improve its debt maturity profile and strengthen its balance sheet by repaying part of its debt.

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