S&P ups HCC Industries, outlook to positive

Standard & Poor's said it raised its corporate credit rating on HCC Industries Inc. to CCC+ from CCC and its senior subordinated debt rating to CCC- from CC. At the same time, S&P revised the outlook to positive from negative.

S&P said the ratings upgrade is due to HCC's recently improved financial and operating performance from the industrial market upturn and the increased product and customer diversity resulting from the acquisition of Olin-Aegis.

The ratings on HCC Industries reflect the company's weak financial profile, modest revenue base and constrained liquidity, which largely offset HCC's significant position in manufacturing sealed electronic connection devices for a variety of cyclical, niche end-markets, according to S&P.

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