S&P upgrades Intuit

S&P said it raised the rating on Intuit Inc. to A- from BBB+.

The outlook is stable.

The agency also said it raised the rating on the company's unsecured credit facilities to A-, reflecting no material priority claims or structural subordination.

The upgrade reflects the improved view of Intuit's business following several years of good operating performance and an expectation that the trends supporting that operating performance will continue into the foreseeable future, S&P said.

The ratings also consider the company's strong market positions and high profit margins, which are partly offset by its very high seasonality and somewhat narrow product focus relative to other software providers, the agency said.

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