S&P lifts Viskase

Standard & Poor's said it raised its long-term corporate credit rating on Viskase Cos. Inc. to CCC+ from SD (selective default).

The outlook is stable.

At the same time, S&P said it raised the issue rating on the company's 11.5% senior secured notes due 2011 to CCC+ from CC and removed the rating from Creditwatch, where it was placed with developing implications on Aug. 8.

The agency said it also assigned a recovery rating of 3 to the notes.

"Today's rating actions reflect its reassessment of credit quality and the noteholders' recovery prospects following the company's execution of an exchange offer for its outstanding 8% senior secured notes," said S&P credit analyst Ket Gondha.

S&P added that it had lowered the corporate credit rating to selective default after Viskase completed a tender offer to exchange a portion of the then-outstanding 8% notes for cash or securities for a total value that was less than par.

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