S&P upgrades Standard Parking

Standard & Poor's said it raised Standard Parking Corp.'s corporate credit and senior secured debt ratings to B+ from B and senior subordinated debt rating to B- from CCC+ based on the company's improved financial profile. The outlook is stable.

The agency said the ratings reflect Standard Parking's narrow business focus, leveraged financial profile and exposure to the cyclical travel industry and adverse economic conditions. For the fiscal year ended Dec. 31, lease-adjusted total debt to EBITDA was about 4.5x.

Partially offsetting these risks are the company's strong market position within the highly fragmented and competitive parking industry, its geographic diversity in North America and its fairly predictable cash flow-generating ability, S&P said.

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