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S&P lifts Altra Industrial
Standard & Poor's said it raised the corporate credit rating on Altra Industrial Motion Inc. to BB- from B+ and the rating on senior secured notes issued by Altra Holdings Inc. to BB- from B+. The recovery rating is 4, indicating expectation of 30% to 50% recovery.
The outlook is stable.
"The ratings upgrade reflects Altra's continued good operating performance and credit measures, including total debt to EBITDA of 3.5x as of July 2, 2011," S&P analyst Sarah Wyeth said in a statement.
Ratings reflect Altra's weak business risk profile, characterized by its participation in a cyclical, fragmented and competitive industry, the agency said.
Altra's credit quality benefits from good customer and end-market diversity, the agency noted.
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