S&P: Mueller Water positive

Standard & Poor's said it affirmed its ratings, including the B corporate credit rating, on Mueller Water Products Inc. At the same time, the agency revised the outlook to positive from stable.

"The outlook revision reflects the potential for a one-notch higher rating if Mueller continues to improve credit measures in fiscal 2013," said S&P credit analyst Dan Picciotto in a news release.

The agency said it expects the company to remain disciplined with its financial policy and to potentially accelerate credit measure improvement through debt repayment.

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