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S&P ups Acuity, notes to BBB
Standard & Poor's said it raised its corporate credit rating on Acuity Brands Inc. to BBB from BBB-.
The rating was removed from CreditWatch, where it was placed with positive implications on Nov. 26.
The outlook is stable.
The agency also raised its issue rating on Acuity Brands Lighting Inc.'s $350 million senior unsecured notes to BBB from BBB- and removed it from CreditWatch positive, where it was placed with positive implications on Nov. 26. The BBB issue rating is the same level as the corporate credit rating on the parent, Acuity.
"We base our upgrade primarily on a reassessment of Acuity's financial risk profile, reflecting our view that the company's credit measures will remain supportive of a 'modest' financial risk profile," S&P credit analyst Svetlana Olsha said in a news release.
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