S&P lifts Mark IV

Standard & Poor's said it raised the long-term corporate credit rating on Mark IV LLC to B+ from B, along with its BB rating and 1 recovery rating on the company's $50 million asset-based revolving credit facility, and a BB- rating and 2 recovery rating on its €200 million senior secured notes.

The outlook is stable.

The upgrade reflects an expectation that the company will use cash proceeds from asset sales to reduce debt, thereby improving its credit profile, S&P said, and that the proposed refinancing will help the capital structure.

The agency said it now views the company's improved financial risk profile as aggressive and continues to view the business risk profile as weak, the agency said.

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