S&P ups Teksid Aluminum notes

Standard & Poor's said it took its ratings on the Bermuda-based TK Aluminum Ltd. off CreditWatch and raised its long-term corporate credit rating on the company to CCC+ from CCC. The outlook is stable.

At the same time, the long-term rating on the guaranteed €240 million senior unsecured notes that TK Aluminum issued through its financing unit, Teksid Aluminum Luxembourg S.a.r.l. S.C.A., was also taken off CreditWatch and raised to CCC- from CC.

S&P said the rating actions follow the resolution of TK Aluminum's price dispute with a significant customer, and the subsequent increased likelihood that the company will be able to generate sufficient profit to meet its financial covenants and other liabilities in future quarters.

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