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S&P upgrades Intertape Polymer
Standard & Poor's said it raised its corporate credit rating on Intertape Polymer Group Inc. to B+ from B.
The outlook is stable.
At the same time, S&P raised its issue-level rating on the company's subordinated notes, which are issued by subsidiary Intertape Polymer U.S. Inc., to B- from CCC+. The recovery rating on the notes remains unchanged at 6.
"The upgrade reflects a significant increase in Intertape's 2012 earnings, resulting from an improved pricing environment, a shift in mix to higher margin products, and ongoing cost reduction initiatives," S&P credit analyst Danny Krauss said in a news release.
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