S&P upgrades Hornbach

Standard & Poor's said it raised the long-term corporate credit rating to BB+ from BB on Hornbach Holding AG and its main operating subsidiary Hornbach-Baumarkt-AG.

The outlook is stable.

The upgrade reflects Hornbach's operating performance and conservative financial policy, which have had a positive impact on its debt protection measures, S&P said.

The agency said it anticipates that Hornbach will be able to further improve its financial risk profile over the long term, despite materially higher capital expenditures in 2011 and 2012.

The ratings also consider its satisfactory business risk profile, supported by its proven business model, S&P said.

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