S&P upgrades Wabash, loan to BB-

Standard & Poor's said it raised its ratings on Wabash National Corp., including the corporate credit rating to BB- from B.

The outlook is stable.

At the same time, the agency revised its senior secured issue rating on the company's term loan to BB- from B+. The recovery rating remains 4.

"The upgrade reflects recent development in Wabash's diversified products segment, which has improved overall profitability, contributed to increased cash flow, and brought about greater end-market diversity," S&P credit analyst Larry Orlowski said in a news release.

"The ratings also reflect the company's solid credit metrics, including debt to EBITDA of 2.5x and free operating cash flow to debt of 29% at the end of 2013. We estimate Wabash's ratio of debt to EBITDA will remain below 4.0x and FOCF to debt will stay above 10% in 2014."

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