S&P boosts Terex, rates loan BB

Standard & Poor's said it raised the ratings on Terex Corp., including the corporate credit rating to BB from BB-.

In addition, ratings were removed from CreditWatch where they were placed with positive implications on June 7, the agency said, noting that the upgrade reflects Terex's improved operating performance and our expectation for near-term debt reduction.

At the same time, the agency said it assigned its BB loan rating to Terex's proposed $900 million senior secured credit facilities due in 2013 as well as a recovery rating of 2.

The outlook is stable.

According to the agency, the ratings on Terex reflect the company's participation in the highly cyclical and competitive construction equipment industry and its aggressive financial profile.

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