S&P ups Best Brands

Standard & Poor's said that it raised its ratings on Best Brands Corp. by one notch, including the corporate credit rating, which it raised to CCC+ from CCC.

The agency said it also revised the outlook to developing from negative.

The upgrade follows Best Brands' receipt of a waiver and fourth amendment to its credit facility, S&P said, noting that it believes the waiver and amendment alleviate its near-term liquidity concerns.

The amendment, among other terms, waived all events of default and relaxed financial covenants, while also reducing the revolver commitment to $25 million from $30 million, the agency added.

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