S&P upgrades UniTek

Standard & Poor's said it raised the corporate credit rating on UniTek Global Services Inc. to CCC from D and raised the rating on its senior secured term loan to CCC- from D.

The ratings also were placed on CreditWatch with positive implications.

S&P also said it withdrew the CC rating on the extinguished $75 million asset-based lending facility.

The upgrade follows UniTek's payment of a previously missed interest payment on its senior secured term loan and completion of a new $75 million asset-based revolving credit facility, said Michael Weinstein, an S&P analyst.

The new facility will provide the company with necessary working capital to fund ongoing operations, Weinstein said.

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