S&P upgrades VAT Group

S&P said it raised its long-term issuer credit rating on VAT Group AG to BB from BB-.

The outlook is positive.

The agency said the upgrade reflects an expectation that the company's financial performance will be stronger than previously anticipated thanks to increasing demand in its end markets and the company's overall tight cost control, despite recent one-off expenses tied to expanding its supply capacity and an increase in staff costs.

“As a result, in 2017, VAT Group delivered markedly stronger than previously anticipated operating results,” S&P said in a news release.

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