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S&P lifts Ocean Spray
Standard & Poor's said it raised Ocean Spray Cranberries Inc.'s corporate credit rating to A- from BBB+ and removed ratings from CreditWatch, where they were placed with positive implications on Sept. 2.
The outlook is stable.
The agency also raised the company's preferred stock to BBB from BBB-.
"The rating upgrade is based on the company's continued solid operating performance in fiscal 2009 (ended Aug. 31, 2009) despite a very challenging economic environment," S&P analyst Patrick Jeffrey said in a statement.
The rating reflects Ocean Spray's solid market positions and strong debt protection measures, the agency noted.
The company's fairly narrow business focus and the highly competitive market conditions of the beverage industry somewhat temper these factors, the agency said.
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