S&P ups Trojan Battery, facility

S&P said it raised its corporate credit rating on Trojan Battery Co. LLC to B from B- and raised the issue-level rating on the company's senior secured credit facility to B from B-.

The 3 recovery rating remains, indicating an expectation for meaningful recovery (50-70%; rounded estimate: 50%) in the event of a payment default.

The outlook is stable.

The agency also removed all of the ratings from CreditWatch with negative implications, where they were placed on June 26.

“The upgrade reflects the improvement in covenant cushion following the recent amendment to the company's senior secured credit facility. We now forecast that the company will maintain cushion under its net leverage covenant of greater than 15% over the next 12 months,” S&P said in a news release.

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