S&P raises Valassis corporate credit rating in wake of company’s amendment to credit agreement

S&P increases Valassis corporate credit rating

NEW YORK — Standard & Poor’s Ratings Services said Monday that it increased its corporate credit rating for direct-mail and coupon provider Valassis Communications Inc. to “B+” from “BB-” since Valassis has amended a credit agreement that lets it buy back up to $325 million in outstanding notes.

Valassis said in April that it modified an agreement related to the 8.25 percent notes due in 2015.

S&P said it revised its recovery ratings on Valassis’ 8.25 percent notes and senior secured credit facilities as well.

The ratings service also said Valassis’ ratings were taken off of credit watch — they had been on a positive credit watch since Feb. 1.

S&P’s ratings outlook for Valassis is “Stable.”