S&P upgrades CNG, notes

S&P said it raised the long-term issuer credit rating on CNG Holdings Inc. to CCC+ from CCC.

The outlook is stable.

At the same time, the agency upgraded the issue-level rating on the company's senior secured notes to CCC from D. The recovery rating of 5 is unchanged. The 5 recovery rating indicates an expectation for a modest recovery (10% -30%) of principal in the event of a payment default.

"The upgrade reflects CNG's improved financial position as they have recently grown earnings and refinanced multiple debt facilities, leaving the company with improved leverage and no substantial near-term maturities," S&P credit analyst Adam Grossbard said in a news release.

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