S&P upgrades Navistar

S&P said it raised the ratings on Navistar International Corp.'s senior secured term loan and recovery zone facility revenue bonds to BB- from B+, senior unsecured debt to B- from CCC+ and subordinated debt to CCC+ from CCC.

The agency also said it raised the rating on Navistar Financial Corp.'s term loan to B from B-.

The stable outlook reflects good demand in the company's end markets through fiscal 2019.

The stable outlook also considers the cost-reduction initiatives, which will enable the company to maintain improved credit measures and a debt-to-adjusted EBITDA of less than 6x, S&P said.

Navistar continues to benefit from strong demand, ongoing operational improvements and improved credit measures, the agency said.

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