S&P: Steinway positive watch

Standard & Poor's said it placed the ratings on Steinway Musical Instruments Inc., including the B corporate credit rating and B+ issue-level rating, on CreditWatch with positive implications.

The CreditWatch placement follows Steinway's announcement that it intends to redeem for cash $85 million of the company's $152.5 million of 7% senior notes due 2014, the agency said.

This could result in a meaningful improvement in Steinway's credit protection measures relative to current levels, S&P said.

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