S&P puts Central Parking on positive watch

Standard & Poor's said it placed the CCC corporate credit rating and all other related ratings on Central Parking Corp. on CreditWatch with positive implications.

The watch placement follows news that the company entered a definitive agreement in February to merge with Standard Parking Corp. in a transaction totaling $450 million.

S&P said it previously anticipated that Central Parking would violate its leverage covenant in the fiscal second quarter of 2012.

But, the proposed merger will address this risk, the agency said.

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