S&P lifts Windsor to stable

Standard & Poor's said it revised Windsor Quality Food Co. Ltd.'s outlook to stable from negative.

The agency also said it affirmed the company's B+ corporate credit rating, along with the BB- ratings on Windsor's revolving credit and term loan facilities.

The recovery rating remains at 2, indicating 70% to 90% expected default recovery.

The outlook revision reflects a belief that Windsor will maintain adequate liquidity during the next 12 months, S&P said.

In September 2012, the company received a covenant amendment that reset its leverage tests for the September 2012 quarter through June 2014, the agency said.

As of Sept. 30, 2012, the company was in compliance with its financial covenants with more than 15% cushion, S&P said, and the company is expected to maintain at least 15% covenant cushion during the next 12 months.

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