S&P lifts Springs Window debt

Standard & Poor's said it raised its issue-level ratings on Springs Window Fashions LLC's $356.5 million first-lien debt one notch to B+ from B.

At the same time the agency said it revised the recovery ratings on this debt to 2, indicating expectations for substantial recovery in the event of a payment default, from 3. The agency said the recovery rating reflects the company's reduced debt levels from required amortization and an excess cash flow sweep.

The B corporate credit rating on Springs Window remains unchanged, as does the CCC+ issue-level ratings on the company's $125 million second-lien term loan. The recovery rating on the second-lien term debt remains 6.

S&P said the ratings on Springs Window reflect its view of the company's highly leveraged financial risk profile and vulnerable business risk profile.

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