S&P raises AGZ

Standard & Poor's said it raised its long-term corporate credit rating on AGZ Holding to BB+ from BB, reflecting the company's improving financial profile, moderate financial policy and continued parental support from UGI Corp.

The outlook is stable.

At the same time, S&P said it raised its senior unsecured debt rating on the €165 million bond issued by related entity AGZ Finance to BB- from B+.

"The rating action follows Standard & Poor's review of AGZ's rapid improvement in key credit measures and the company's plans for its future debt structure and financial policy," said S&P credit analyst Emmanuel Dubois-Pèlerin.

Furthermore, S&P said it continues to factor into the ratings a limited degree of parental support for AGZ from UGI.

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