S&P rates American Greetings loans BBB

Standard & Poor's said it affirmed the BB+ corporate credit rating on American Greetings Corp. and assigned a BBB secured debt rating to the company's new $350 million secured revolving credit facility. The agency revised the unsecured debt rating to BB+ from BB.

The outlook is stable.

The facility replaces the $450 million secured credit facility, and the company has repaid all borrowings under the term portion of the old facility, S&P noted.

Ratings reflect the company's improved credit metrics, strong market position and broad product offerings, the agency said.

The company's participation in the low-growth greeting card sector partially offset these strengths, the agency noted.

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