S&P ups American Reprographics

Standard & Poor's said it raised its corporate credit and senior secured ratings on American Reprographics Co. LLC to BB from BB-.

The agency said that the upgrade reflects the company's meaningfully improved credit measures, due to continued debt reduction and S&P's expectation that credit measures will remain consistent with the new rating over the commercial construction cycle, notwithstanding the company's aggressive acquisition strategy.

The outlook is stable.

S&P said that the ratings on American Reprographics reflect the company's ability to achieve and sustain the total adjusted debt to EBITDA ratio in the 3 times range, management's track record of continued debt reduction and the company's leading position in the architecture, engineering and construction reprographics segment.

Still, S&P said it recognizes the company's dependence on a single print industry segment and exposure to the cyclical commercial construction industry.

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