S&P lifts Fort Dearborn

Standard & Poor's said it raised the long-term corporate credit rating on Fort Dearborn Co. to B from B- and its $175 million senior secured facilities to B+ from B. The recovery rating remains unchanged at 2.

The outlook is stable.

"The upgrade follows stronger-than-expected operating results as trends toward dining at home are supporting demand for labeled products such as canned goods during a recessionary environment," S&P analyst Ket Gondha said in a statement.

Ratings reflect the company's vulnerable business risk profile, meaningful customer concentration and a highly leveraged financial profile, the agency said.

A leading market position in the cut-and-stack segment of the label market and longstanding relationships with key customers partially offset company risks, S&P said.

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