S&P ups Armstrong World

Standard & Poor's said it raised its corporate credit rating on Armstrong World Industries Inc. to BB from BB-.

The outlook is positive.

S&P said the upgrade reflects Armstrong's improved financial risk profile and the exit of financial sponsor TPG Capital as an owner in the company. In the agency's view, and as per its criteria related to companies owned by financial sponsors, the exit of TPG is likely to result in less aggressive financial policies, especially as it relates to dividends.

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