S&P ups Fenwal, loans

Standard & Poor's said it raised its corporate credit rating on Fenwal Inc. to B+ from B. The outlook is stable.

The agency said it also raised its rating on Fenwal's first-lien secured $400 million bank credit facility to B+ from B. The recovery rating of 3 remains unchanged.

Additionally, the agency said it raised its issue rating on the company's $75 million second-lien term loan due 2014 to B from B-. The recovery rating of 5 remains unchanged.

"These actions reflect financial performance that has exceeded our projections and our expectation that Fenwal will not meaningfully increase debt," said S&P credit analyst Cheryl Richer in a news release.

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