Standard & Poor’s raises Celestica credit rating to ‘BB’ from ‘BB-’
By APThursday, February 25, 2010
Standard & Poor’s raises Celestica rating
NEW YORK — Standard & Poor’s Ratings Services on Thursday raised its long-term corporate credit rating on Toronto-based Celestica Inc. to “BB” from “BB-.”
Celestica provides electronics manufacturing services.
The ratings agency also removed all the ratings on the company from CreditWatch with positive implications. The ratings were placed on CreditWatch on Jan. 29 after Celestica announced it plans to redeem all of its $223.1 million, 7.625 percent senior subordinated notes due 2013 from existing cash balances.
“We believe Celestica’s credit quality should improve meaningfully following the planned debt redemption, which will leave the company with no public debt outstanding,” said Standard & Poor’s credit analyst Madhav Hari in a statement.
Shares of Celestica fell 7 cents to $10.33 in afternoon trading.
