S&P lifts AMF Bowling to B-

Standard & Poor's said it raised its corporate credit rating on AMF Bowling Worldwide Inc. to B- from CC and removed the ratings from CreditWatch with negative implications, where they were placed on May 12.

The outlook is stable.

The agency said the upgrade reflects its reassessment of AMF's creditworthiness following the expiration of the company's amendment to its credit agreements, which permitted AMF to repurchase an unlimited amount of its term loans with new equity from its owners at a substantial discount to par. S&P would have considered any such subpar repurchases to be tantamount to a default.

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