S&P upgrades West

Standard & Poor's said it raised the corporate credit rating on West Corp. to BB- from B+ and removed it from CreditWatch positive.

The positive watch was initiated in March following news that the company would raise about $500 million through an initial public offering to repay debt. The agency also said it removed all other ratings from CreditWatch.

S&P also said it raised the rating on the company's secured term loans due 2016 and 2018 to BB from B+ and revised the recovery rating to 2 from 3, indicating 70% to 90% expected default recovery.

The agency also said it withdrew the ratings on the company's subordinated notes.

The lower debt leverage and less aggressive financial policy will strengthen the company's financial profile, S&P said.

The ratings also reflect an expectation that leverage will remain relatively high in the 4x to 5x area over the intermediate term, as the company will operate under a less aggressive financial policy and continues its acquisition-oriented growth strategy, the agency said.

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