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S&P upgrades Gundle/SLT
Standard & Poor's said it removed Gundle/SLT Environmental Inc.'s ratings from CreditWatch, where they were placed with positive implications in November 2011 after the company announced its initial public offering filing.
The agency said it also raised the corporate credit rating by one notch to B from B-, along with the company's senior secured debt to B from B-.
The recovery rating remains 3, indicating 50% to 70% expected recovery in a default.
S&P also raised the company's second-lien debt to B- from CCC+ and its recovery rating remains at 5, indicating 10% to 30% expected recovery in a default.
The outlook is stable.
The upgrades follow the company's successful completion of its IPO and use of a significant portion of the proceeds to repay debt, the agency said.
Steady demand from the company's mining, solid waste management and liquid containment end markets will continue over the next year, S&P said.
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