S&P ups Enodis debt to B+

Standard & Poor's said it raised its long-term corporate credit rating on Enodis plc to BB from BB- following an improvement in the group's financial profile. The outlook is stable.

At the same time, S&P raised its subordinated debt rating on the group to B+ from B.

The rating actions reflect S&P's belief that Enodis' financial profile has improved through a gradual but consistent reduction in leverage.

The group's financial risk profile has also benefited from a renegotiated banking facility, which eliminates strict covenant and amortization requirements and enhances flexibility through the provision of funding lines on more favorable terms, according to S&P.

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