S&P ups Walter Industries

Standard & Poor's said it raised its ratings on Walter Industries, including the corporate credit rating to BB- from B+.

At the same time, the agency said it raised the rating on the company's senior secured bank facility to BB+ from BB, two notches above the corporate credit rating, while the recovery rating of 1 is unchanged.

S&P added that it removed all ratings from CreditWatch, where they were placed with positive implications on June 10, following the company's announced equity offering.

The outlook is stable.

The agency noted that the upgrade reflects the strengthening of the company's credit metrics.

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