S&P: Gavilon Group remains on positive watch

Standard & Poor's said its ratings on Gavilon Group LLC, including the BB corporate credit rating, remain on CreditWatch with positive implications, following an internal review of the corporate credit rating, including the company's liquidity position.

The ratings were originally placed on CreditWatch with positive implications on May 30, following Marubeni Corp.'s announcement that it would buy Gavilon for $3.6 billion excluding debt.

"The CreditWatch update acknowledges our continued belief that Gavilon's credit profile will improve following its proposed acquisition by Marubeni," said S&P credit analyst Chris Johnson in a news release.

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