S&P ups Integer Holdings

S&P said it raised its issuer credit rating on Integer Holdings Corp. to B+ from B. The outlook is stable.

In addition, S&P affirmed its B+ issue-level rating on Integer subsidiary Greatbatch Ltd.'s senior secured debt and revised the recovery rating to 3 from 2. The 3 recovery rating indicates an expectation for meaningful (50% to 70%; rounded estimate: 60%) recovery in the event of a payment default.

At the same time, S&P withdrew the CCC+ rating on the company's unsecured debt, which was repaid with asset sale proceeds.

“The upgrade follows the completion of Integer's AS&O product line sale and subsequent debt repayment from asset sale proceeds, reducing leverage to about 4.5x from 6.3x in 2017,” S&P said in a news release.

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