S&P ups Shaw

Standard & Poor's said it raised the ratings on the Shaw Group Inc., including the corporate credit rating, to BBB- from BB+.

The outlook is stable.

The upgrade reflects the company's track record with an operating performance that supports a satisfactory business risk profile, S&P said.

Shaw's financial policy is moderate, marked by low levels of recourse debt and large cash balances, the agency added.

Although S&P said it believes cash flow generation is likely to decline in 2011, the company has generated a meaningful amount of free cash flow over the past several years.

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