S&P upgrades Keurig

S&P said it raised the corporate credit rating on Keurig Green Mountain Inc. to BB+ from BB.

The outlook is stable.

At the same time, the agency affirmed the BBB- issue-level ratings on the company's senior secured credit facilities. The 1 recovery rating indicates an expectation for very high (90%-100%; rounded estimate: 95%) recovery to lenders in the event of a payment default.

S&P said the upgrade reflects the progress Keurig has made in deleveraging its balance sheet, its improved operating performance, and the agency’s belief that the company will maintain leverage below 3.0x.

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