S&P upgrades Cintas

S&P said it raised the issuer credit rating on Cintas Corp. to A- from BBB+ and affirmed its A-2 short-term rating.

The agency also said it revised the liquidity assessment to strong from adequate.

The upgrade reflects a forecast for continued strong operating performance over the next 12- to 24-months with organic revenue growing in the mid-single digits, S&P said.

S&P also said it expects the company's debt-to-EBITDA to be sustained at less than 2x and that the company will make steady progress expanding outside of its core uniform business.

The upgrade also considers the company's commitment to a conservative financial policy, the agency said.

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