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S&P boosts TriMas
Standard & Poor's said it raised its ratings on TriMas Corp., including its corporate credit rating, which changes to B+ from B.
At the same time, all ratings were removed from CreditWatch, where they were placed with positive implications on Aug. 4, 2006, following the company's announcement that it had filed a registration statement for an IPO, the agency said.
The outlook is stable.
The upgrade reflects the successful completion of the IPO, proceeds of which will be principally applied to debt reduction and the expected improvement in credit protection measures, S&P noted.
According to the agency, the ratings on TriMas reflect its somewhat highly leveraged financial risk profile and weak, but improving, credit protection measures.
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