S&P lifts Pinafore

Standard & Poor's said it raised the issue rating on the senior secured second-lien notes issued by subsidiaries of Pinafore Holdings BV to BB- from B+.

The agency said it also revised the recovery rating on these notes to 4, indicating an expectation for average recovery for noteholders following a payment default, from 5.

The agency said its recovery expectation has increased after Pinafore's subsidiaries, Tomkins LLC and Tomkins Inc., repurchased $475 million in aggregate principal amount of the 9% notes due 2018 as the tender offer expired on July 19.

The corporate credit rating on Pinafore remains unchanged.

The agency said Pinafore's subsidiaries also announced that they are seeking consent to increase the capacity under the indenture to make restricted payments.

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