S&P ups Harley-Davidson, rates notes BBB+

Standard & Poor's said it assigned a BBB+ rating to Harley-Davidson Financial Services Inc.'s proposed $300 medium-term notes due 2017.

The company is a subsidiary of Harley-Davidson Inc.

The proceeds will be used for general corporate purposes.

The agency also said it raised the corporate credit rating on Harley Davidson, along with all issue-level ratings to BBB+ from BBB.

Its A-2 short-term rating is unchanged.

The outlook is stable.

The upgrade reflects growth in motorcycle shipments in 2011 after a four-year steady decline and a recovery in retail sales, S&P said, as well as an ongoing restructuring of the manufacturing process.

The agency said it does not expect significant growth in retail sales in 2012 due to sluggish consumer confidence.

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