S&P ups IRB Holding

S&P said it upgraded IRB Holding Corp. to B+ from B and removed all the company’s ratings from CreditWatch, where it put them with positive implications on Sept. 25.

The agency also raised its issue-level rating on the company's senior secured term loan to B+ from B and on its senior unsecured notes to B- from CCC+. The recovery ratings are unchanged at 3 and 6, respectively.

IRB completed the acquisition of Jimmy John's, LLC on Oct. 18.

The outlook is stable.

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