S&P upgrades Colt Defense

Standard & Poor's said it raised its corporate credit rating on Colt Defense LLC to CCC from CCC- and removed all ratings from CreditWatch, where they were placed with negative implications on Nov. 13.

The outlook is developing.

The issue-level rating on the unsecured notes is unchanged at CC with a recovery rating of 6, indicating expectations for negligible (0%-10%) recovery in a payment default scenario.

"The upgrade reflects a reduced likelihood of default in the coming months following a recent refinancing that improved the company's liquidity profile somewhat," S&P credit analyst Chris Mooney said in a news release.

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