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S&P upgrades Global Brass
S&P said it raised its corporate credit rating on Global Brass and Copper Inc. to BB from BB-.
The outlook is stable.
At the same time, the agency raised the issue-level rating on the company's senior secured debt to BB from BB-.
The 3 recovery rating is unchanged, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a payment default.
“The upgrade reflects Global Brass' low leverage mainly because of strong earnings, which positive macroeconomic factors support, such as GDP growth, and higher housing starts,” S&P said in a news release.
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