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Moody's raises Service Corp.
Moody's Investors Service said it upgraded all the credit ratings of Service Corp. International and changed the company's outlook to stable from positive.
Moody's said the ratings reflect the company's significant debt reduction, position as the market leader in the death care industry, strong cash flow generation and improved liquidity. The ratings also reflect the challenges facing the death care industry including declining death rates and the trend toward lower revenue and gross profit cremation services.
Ratings upgraded include the $250 million 6.75% senior unsecured notes due 2016, $143.5 million 6.875% senior unsecured notes due 2007, $150 million 7.2% senior unsecured notes due 2006, $358.3 million 7.7% senior unsecured notes due 2009, $195 million 6.5% senior unsecured notes due 2008, $55.6 million 7.875% senior unsecured debentures due 2013, $63.8 million 6% senior unsecured notes due 2005, and $51 million 8.375% senior unsecured notes due 2004, all to Ba3 from B1.
Moody's also upgraded the senior implied rating to Ba3 from B1, the senior unsecured issuer rating to Ba3 from B1, and the speculative grade liquidity rating to SGL-1 from SGL-2.
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