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S&P ups Spirit Finance
Standard & Poor's said it raised the corporate credit rating on Spirit Finance Corp. to CCC+ from CCC- and the company's term loan to CCC+ from D. The recovery rating on the debt was revised to 4 from 5, indicating the expectation of average recovery (30%-50%) in the event of a payment default.
The outlook is stable.
The ratings and outlook reflect the company's high leverage and slightly improved covenant cushion, S&P said.
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