S&P lifts Sequa, notes

Standard & Poor's said it raised its corporate credit rating on Sequa Corp. to B from B-.

At the same time, the agency said it raised its issue ratings on Sequa's secured credit facility to B from B- and raise its unsecured notes rating to CCC+ from CCC. The recovery ratings remain unchanged.

"The upgrade reflects our expectations that Sequa's credit protection measures, though still weak, will continue to improve over the next year due to increasing earnings and some debt reduction," said S&P credit analyst Chris DeNicolo in a news release.

"These improvements reflect strengthening core markets - especially airline and commercial aerospace sectors, cost reductions and efficiency initiatives, new contracts, a full year of earnings from the Roll Coater acquisition last year and acquisition synergies."

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