S&P puts Guitar Center on positive watch

Standard & Poor's said it placed its BB corporate credit rating on Guitar Center Inc. on CreditWatch with positive implications.

The action follows the company's announcement that it has completed the redemption and conversion of virtually all of its $100 million senior convertible notes due 2013, the agency said.

S&P noted that this further improves already-strong credit measures for the rating category, with lease-adjusted leverage at about 1.5 times.

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