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S&P upgrades KION
Standard & Poor’s said it raised the long-term corporate credit rating on KION Group AG to BB+ from BB.
The agency also said it lifted the rating to BB+ from BB on the €450 million senior secured notes due 2010 issued by special-purpose vehicle, KION Finance SA.
The recovery rating remains at 4, indicating 30% to 50% expected default recovery.
The outlook is stable.
The upgrades stem from KION’s track record of solid operating performance and strengthening margins, S&P said.
The company’s improved diversity and contributions from the service business will reduce the volatility of profits, the agency added.
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