S&P raises Greenbrier to BB-

Standard & Poor's said it raised its corporate credit rating on Greenbrier Cos. Inc. to BB- from B+.

The outlook is stable.

"The upgrade reflects Greenbrier's good operating performance and improved credit measures," S&P credit analyst Svetlana Olsha said in a news release.

Although the agency believes that Greenbrier's exposure to the highly cyclical railcar manufacturing industry will continue to result in volatile revenues and profits over the business cycle, a somewhat broadened product mix could help reduce profit volatility in the next industry downturn.

S&P expects debt to EBITDA for the company's manufacturing operations will remain less than 3x in periods of relatively favorable market conditions.

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