S&P ups Wendel from junk

Standard & Poor’s said it raised its long- and short-term corporate credit ratings on Wendel to BBB-/A-3 from BB+/B. The outlook is stable.

At the same time, the agency raised its issue ratings on Wendel’s unsecured bonds to BBB- from BB+ and withdrew the 3 recovery rating on these instruments.

The upgrade primarily reflects S&P’s view of Wendel’s improved financial flexibility following the partial disposal of the company’s stake in France-based manufacturer and distributor of construction materials Compagnie de Saint-Gobain (BBB/stable/A-2).

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