S&P upgrades Koppers

Standard & Poor's said it raised the corporate credit rating on Koppers Inc. and its parent company Koppers Holdings Inc. to BB- from B+ and on the $300 million senior unsecured notes due 2019 to B+ from B. The recovery rating is 5, indicating expectation for 10% to 30% recovery.

The outlook is stable.

"The upgrade reflects our expectation that favorable business conditions and operating trends within Koppers' carbon materials and railroad segments in 2011 will continue to support strong liquidity and a significant financial risk profile consistent with the ratings," S&P analyst Henry Fukuchi said in a statement.

Ratings reflect the company's fair business risk profile supported by the consistency of operating results and the preservation of credit metrics in line with the current ratings, the agency said.

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