S&P lifts, withdraws AM General

S&P said it raised its corporate credit rating on AM General LLC to B- from CCC.

The outlook is stable.

At the same time, the agency withdrew all of its ratings on the company's revolving credit facility and term loans because they were refinanced. It also withdrew all ratings on the proposed $20 million revolver and $300 million term loan as this specific transaction was not completed.

Subsequently, S&P withdrew its corporate credit rating on AM General at the issuer's request.

"The upgrade reflects AM General's successful refinancing, which eliminated the company's near-term debt maturities, as well as the recent improvements in its business," S&P credit analyst Christopher Denicolo said in a news release.

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