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S&P boosts SGL Carbon
Standard & Poor's said it raised its long-term corporate credit rating on SGL Carbon AG to B+ from B. The outlook is stable.
At the same time, the rating on the subordinated bonds issued by SGL Carbon Luxembourg SA and guaranteed by SGL was raised to B- from CCC+.
The rating on the senior secured bank loan issued by SGL Carbon LLC and guaranteed by SGL was also raised to B+ from B, S&P said, noting the rating actions follow improvements in the company's earnings in the first half of 2005 and reflect its expectation that earnings will remain strong for the rest of the year.
Other factors contributing to the upgrade are SGL's announcement earlier this year of a cooperation agreement on carbon ceramic disc brakes with Volkswagen AG's (A-/negative/A-2) Audi cooperation and the European Court's decision to reduce European Commission antitrust fines, the agency added.
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