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S&P ups Rexel
Standard & Poor's said it upgraded the long-term corporate credit rating on Rexel SA to BB- from B+ with the recovery rating unchanged at 4. Its B short-term corporate credit rating was affirmed.
The ratings were removed from CreditWatch, where it was placed with positive implications in October.
The upgrade reflects Rexel's continuously strong operating performance so far in 2010 and expectations that the company will continue to meet credit metrics for the BB- rating, S&P said.
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