S&P ups Innovation Ventures, notes

Standard & Poor's said it raised its corporate credit rating on Innovation Ventures LLC to B from B-.

The outlook is stable.

The agency also raised the rating on Innovation's senior secured notes due 2019 to B+ from B-. The recovery rating was revised to 2 from 3, indicating the prospect of substantial recovery (70% to 90%, in the lower half of the range) in the event of a payment default.

"The upgrade reflects Innovation's payment of $45 million of par value on the senior notes in late 2015, which supports stronger credit metrics than we anticipated in our prior forecast," S&P credit analyst Stephanie Harter said in a news release.

"We also believe that the company will continue to spend on advertising and promotion of its products, but not at the same levels as in prior years, particularly in 2014. This should result in sustained strong credit measures and improved profitability."

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