Overview -- Germany-based meter manufacturer Elster Group SE has completed its redemption in full of its EUR250 million 6.25% senior notes due 2018. -- We are affirming all our ratings on Elster, including our 'BB-' corporate credit rating, and removing the ratings from CreditWatch with negative implications. -- The outlook at the time of withdrawal was stable. -- We are subsequently withdrawing our ratings on Elster at the company's request. Rating Action On Dec. 12, 2012, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Elster Group SE and removed the ratings from CreditWatch, where they were placed with negative implications on June 19, 2012, following Elster's announcement that it was in talks to be acquired by Melrose PLC (not rated). Subsequently, we are withdrawing our corporate credit rating on Elster at the issuer's request. The outlook at the time of the withdrawal was stable. All of the debt Standard & Poor's rated has been redeemed in full. As a result, we have withdrawn all our issue-level and recovery ratings on the company's notes. Rationale The affirmation reflects our assessment that credit quality remains stable with Elster's new ownership. Melrose acquired Elster on Aug. 28, 2012. Elster has redeemed in full its outstanding EUR250 million senior notes due 2018. Related Criteria And Research -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008 Ratings List Ratings Affirmed; Removed from CreditWatch To From Elster Group SE Corporate Credit Rating BB-/Stable/-- BB-/Watch Neg/-- Elster Finance B.V. Senior Unsecured BB- BB-/Watch Neg Recovery Rating 3 3 Ratings Withdrawn To From Elster Group SE Corporate Credit Rating NR BB-/Stable/-- Elster Finance B.V. Senior Unsecured NR BB- Recovery Rating NR 3 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.