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S&P ups Heckler & Koch notes to CCC+
Standard & Poor's said it raised its long-term corporate credit rating on Heckler & Koch GmbH to CCC+ from CCC.
The outlook is negative.
At the same time, the agency raised its issue rating on Heckler & Koch's €295 million 9½% senior secured notes due 2018 to CCC+ from CCC. The recovery rating on this instrument is unchanged at 4.
S&P said the upgrade reflects its assessment that Heckler & Koch's liquidity has improved to "less than adequate" from "weak" under its criteria.
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