S&P upgrades Polypore

Standard & Poor's said it raised the corporate credit rating on Polypore International Inc. to B+ from B and on its senior secured credit facilities to BB from BB-. The recovery rating remains at 1, indicating expectation of 90% to 100% recovery.

The agency also raised the rating on the company's senior unsecured notes due 2017 to B from B-. The recovery rating remains at 5, indicating expectation of 10% to 30% recovery.

The outlook is stable.

"The upgrade on Polypore International Inc. reflects the company's improved operating performance and credit measures, including total adjusted debt to EBITDA at around 3.5x as of June 30, 2011," S&P analyst Peter Kelly said in a statement.

The corporate credit rating reflects Polypore's aggressive financial risk profile, characterized by high debt levels, but also by its continued improvement in its credit metrics, the agency said.

Polypore's leading position in the niche battery separator, health care and industrial filtration markets, and its good profitability only partly offset this profile, the agency noted.

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