S&P upgrades ACCO Brands

S&P said it raised its corporate credit rating on ACCO Brands Corp. to BB from BB-. The outlook is stable.

At the same time, S&P raised the issue-level ratings on the company's $400 million senior unsecured notes to BB from BB-. The 3 rating indicates an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery to lenders in the event of a payment default.

“The upgrade of ACCO reflects improvement in the company's credit measures, its successful integration of the Esselte acquisition, and its improved channel and geographic diversification since the last recession,” S&P said in a news release.

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