S&P ups Greif

Standard & Poor's said it raised its corporate credit and senior secured ratings on Greif Inc. to BB+ from BB and its subordinated debt rating to BB- from B+. The outlook is stable.

S&P said the upgrade reflects Greif's improved financial profile and the expectations of continued strengthening of the business profile as several lean initiatives gain momentum.

The rating action also incorporates management's more moderate financial policies, including emphasizing debt reduction and committing to a targeted debt to capital range of 35% to 40%, unadjusted for off balance-sheet liabilities, according to S&P.

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