S&P ups Airgas

Standard & Poor's said it raised its ratings on Airgas Inc. The outlook is stable.

Airgas' corporate credit and senior secured debt ratings were upped to BB+ from BB and its subordinated debt rating was raised to BB- from B+.

S&P said the upgrade reflects the likelihood that credit quality will be sustained at improved levels, despite periodic moderate-size acquisitions.

The company's stable cash flows are expected to be used to support debt reduction, thus bolstering prospects that cash flow protection measures for fiscal 2005 will be fully satisfactory for the revised ratings, according to S&P.

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