S&P ups Excelitas, facilities to B-

S&P said it raised the corporate credit rating on Excelitas Technologies Corp. to B- from CCC+ and the issue-level rating on its senior secured first-lien credit facilities to B- from CCC+. The 3 recovery rating remains, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

The outlook is stable.

“The upgrade reflects the continued improvement in Excelitas' operating performance through the first half of 2017, which has enabled the company to reduce its leverage faster than we had expected and alleviated our concerns about a potential covenant breach,” the agency said in a news release.

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