Moody's upgrades Lennox

Moody's Investors Service said it upgraded the provisional senior unsecured rating for Lennox International Inc.'s shelf registration to Baa3 from Ba1, lifted the provisional subordinated rating for the shelf to Ba1 from Ba2 and withdrew the company's Ba1 corporate family and probability-of-default ratings.

This concludes the review for possible upgrade that began April 9, and the outlook is stable.

The agency said the upgrade reflects the company's ability to sustain strong credit metrics during the economic downturn as well as the anticipation of an improvement in operating performance as revenue growth in a recovering economy supports margin expansion from the company's leaner cost structure.

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