TEXT-S&P raises Delance Ltd rating to 'CCC+'

Newswire

(The following statement was released by the rating agency) -- Colgrade Ltd. [CLGRD.UL] (Colgrade), financing vehicle of the Russian car retailer Rolf Group (Rolf) has recently completed an exchange offer for its outstanding notes. -- We are raising the corporate credit rating on Delance Ltd., holding company of Rolf, to 'CCC+' from 'SD'. -- An issue rating of 'CCC' has been assigned to the $150 million new notes, maturing in June 2011. -- The negative outlook on Delance reflects our ...

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