S&P lifts Universal to stable

Standard & Poor's said it affirmed the BBB- corporate credit rating on Universal Corp.

The agency also said it revised the outlook on the company to stable from negative.

S&P also said it affirmed the BBB- rating on the company's senior unsecured debt, as well as a BB rating on the company's preferred stock.

The ratings reflect an expectation that the tobacco leaf company's operating performance will remain steady in fiscal 2013, the agency said.

The industry supply outlook has improved and market conditions appear to be somewhat better, S&P said.

S&P said it expects the company will continue to maintain its solid market position as one of the largest independent processors and distributors of leaf tobacco.

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