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S&P lifts Ashland
Standard & Poor's said it raised the corporate credit rating on Ashland Inc. and its wholly owned subsidiary Hercules Inc. to BB+ from BB and the senior secured debt rating to BBB from BBB-. The recovery rating remains unchanged at 1.
The agency said it raised the senior unsecured debt rating on Ashland to BB from BB- with 5 recovery rating and its subordinated debt rating to BB- from B+ with 6 recovery rating.
The outlook is stable.
"The upgrade follows further sequential strengthening of Ashland's financial profile as benefits of the November 2008 Hercules Inc. acquisition and extensive cost reductions are more fully felt," S&P analyst Cynthia Werneth said in a statement.
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