S&P lifts Shearer's Foods

Standard & Poor's said it raised its corporate credit rating on Shearer's Foods to B from CCC+.

At the same time, the B issue level ratings on the company's $210 million senior secured notes due 2019 remain unchanged after the notes were upsized to $235 million.

The outlook is stable.

"The upgrade primarily reflects Shearer's modestly improved operating performance and improved liquidity profile following its recapitalization and purchase by [Wind Point Partners] and [Ontario Teachers' Pension Plan Board]," said S&P credit analyst Bea Chiem in a news release.

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