Fitch ups Celestica

Fitch Ratings said it has upgraded the following ratings for Celestica Inc.: issuer default rating to BB- from B+ and senior subordinated debt to BB- from B/RR5.

The company's senior secured credit facility is affirmed at BB+ and the RR1 rating is removed reflecting the upgrade of the issuer default rating to BB-, the agency said.

The outlook is stable.

Fitch noted that the ratings upgrade and stable outlook reflect that Celestica further strengthened its already conservative balance sheet during the first quarter of 2009 by tendering for $150 million of its senior subordinated notes due June 2011, reducing total debt outstanding to $585 million and improving its net cash position to $497 million.

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