S&P ups Titanium Metals preferreds to CCC+

Standard & Poor's said it raised its corporate credit rating on Titanium Metals Corp. to B+ from B.

S&P also raised its preferred stock rating to CCC+ from CCC. The outlook is stable.

The upgrade reflects the meaningful improvement in the company's operating and financial performance due to the strengthening of its key end markets, particularly commercial aerospace, the ratings agency said.

The upgrade also reflects the expectation that the improvement in these end markets will be sustainable for the intermediate term.

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