S&P boosts URS, rates loan BB+

Standard & Poor's said it raised its corporate credit rating on engineering services firm URS Corp. to BB+ from BB and removed the ratings from CreditWatch with positive implications, where they were placed on June 7.

The agency said it also assigned a BB+ rating to the company's new $650 million senior secured bank facility.

The outlook is now stable.

The upgrade reflects URS' stronger financial position and its commitment to a less aggressive capital structure following its issuance of common stock to fund a tender offer for the 11.5% notes, S&P said.

S&P noted the ratings also reflect the company's financial profile, which is only modestly aggressive.

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