S&P lifts Cintas view to positive

S&P said it affirmed its BBB+ corporate credit rating on Cintas Corp. and revised the outlook to positive from stable. S&P also affirmed the A-2 short-term commercial paper rating.

At the same time, S&P said it affirmed the BBB+ issue-level ratings on the company's debt.

Though S&P-adjusted leverage spiked to 2.9x at the close of fiscal year 2017 following the acquisition of G&K, it has declined quickly thereafter as the company paused share repurchases and merger and acquisition activity and pared back some capital investment to maximize the amount of cash flow available for debt repayment.

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