S&P ups Graphic Packaging outlook to positive

Standard & Poor's said it revised its outlook on Graphic Packaging International Inc. to positive from stable.

At the same time, the agency said it affirmed all of its ratings on the company, including the B+ corporate credit rating.

The agency said it also assigned its B- issue-level rating and 6 recovery rating to the company's proposed $180 million of senior unsecured notes due 2017 based on preliminary terms and conditions.

"The outlook revision reflects the progress that Graphic Packaging has made to improve its operating margins, despite a weak U.S. economy, and its expectations that earnings should further improve if the economy exits the recession over the next several quarters as we currently believe," said S&P credit analyst Pamela Rice.

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