S&P lifts Standard Industries from junk

Standard & Poor's said it raised the corporate credit rating on Standard Industries Inc. to BBB- from BB+.

The agency also said it raised the ratings on the company's $1.1 billion 5 3/8% senior unsecured notes due 2024 and $1.1 billion 6% senior unsecured notes due 2025 to BBB- from BB+.

The outlook is stable.

The company's leverage measures are expected to remain in line with a significant financial risk profile in the next two years due to a forecast of improved employment, consumer confidence and higher housing starts in the United States, which will increase demand for roofing materials, S&P said.

The Icopal acquisition also will generate modest growth in sales and earnings in Europe for the company as that economy improves, the agency added.

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