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S&P ups MetoKote to B-
Standard & Poor's said it raised its corporate credit rating on MetoKote Corp. to B- from CCC+. The outlook is negative.
MetoKote refinanced its term loan due Nov. 27, 2011 and secured a new $5 million revolving credit facility, S&P said.
The agency said it believes the company's businesses are stabilizing because of the gradual recovery in light- and commercial-vehicle demand in North America. The pace of light-vehicle production in North America has moderated, but will still increase by over 8% in 2011 compared with 2010, the agency said.
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