Ferro Corporation (NYSE: FOE) today announced that on July 30, 2015, Standard & Poor’s raised its corporate credit rating on both the Company and its issue-level debt to ‘BB-‘ from ‘B+’ and maintained the outlook as “stable.”
S&P based the upgrade on the Company’s generation of stronger EBITDA margins as a result of acquiring higher EBITDA-generating companies, exiting more-cyclical businesses, and achieving cost savings through restructuring activities. As a result, S&P stated it expected earnings to become more stable and future performance to be forecasted with higher conviction.