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S&P upgrades PCA
Standard & Poor's said it raised its corporate credit rating on PCA LLC to B- from CCC+. In addition, all ratings are removed from CreditWatch, where they were placed with developing implications on June 28.
The outlook is negative.
S&P said the upgrade follows PCA's improved liquidity position as a result of its completed issuance of $50 million in senior secured second-lien notes due 2009. The notes are rated CCC, two notches below the corporate credit rating.
Proceeds from the offering were used to repay existing bank debt and provide for additional working capital.
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