S&P lifts Fender to stable

Standard & Poor's said it revised the outlook on Fender Musical Instruments Corp. to stable from negative.

The agency also said it affirmed its B corporate credit rating and B senior secured rating.

The outlook revision follows news of the company's fourth-quarter 2011 results, improved operating performance and improved credit measures in 2011, S&P said.

Fender's adjusted debt-to-EBITDA ratio was about 5.1x at the end of its fiscal year 2011, down from about 11.3x the prior year, the agency said.

The stable outlook reflects an anticipation that the company will maintain adequate liquidity and credit measures near current levels, S&P said.

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