S&P raises Howden

S&P said it upgraded Granite US Holdings Corp. (Howden) and its senior secured credit facilities to B- from CCC, citing better-than-expected results in the second and third quarters.

Howden also said it is heading into the fourth quarter with a much larger pipeline than usual, the agency noted.

The agency also corrected its recovery analysis concerning equity interests in most non-obligor subsidiaries pledged to the company's credit facility lenders. “As a result, the 3 recovery rating on the term loan remains unchanged (although the rounded recovery percentage increases to 60% from 50%), and we are lowering the recovery rating on the unsecured notes to 6 from 5,” S&P said in a press release.

The CCC rating on the senior unsecured notes is unchanged.

The outlook is positive.

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