S&P upgrades Wm. Wrigley

Standard & Poor's said it raised the ratings on Wm. Wrigley Jr. Co., including the corporate credit rating to A- from BBB+ and senior unsecured debt ratings to A- from BBB+.

All of the ratings are removed from CreditWatch with positive implications, where they were placed in April, S&P said.

The outlook is stable.

The upgrade reflects the improved financial performance of the company's parent, Mars Inc., S&P said.

Wrigley is unlikely to be sold because it is an important part of Mars' long-term growth strategy, operating in lines of business closely aligned with those of Mars, the agency said.

The strength and diversity of its brands offsets its somewhat narrow product focus given its concentration in chewing gum, S&P said.

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