S&P lifts Red Hat from junk

Standard & Poor's said it raised its corporate credit rating on Red Hat Inc. to BBB- from BB+. The outlook is stable.

"Our investment-grade rating reflects Red Hat's 'modest' financial profile (as defined in our criteria) with a strong base of recurring revenues, consistent earnings growth, and debt capacity within the rating level," said S&P credit analyst Philip Schrank in a news release.

The stable outlook reflects Red Hat's consistent operating performance and the support for the ratings provided by its modest financial profile, S&P said.

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