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NEW YORK - Standard & Poor's Ratings Services on Monday raised its long-term corporate credit rating for Bucyrus International Inc., noting its niche position in manufacturing equipment for both surface and underground mining operations.
| BUCY | 20.72 |  -0.48 |
The ratings agency boosted the long-term corporate credit rating to "BB" from "BB-," a non-investment grade indicating it could be more prone to economic changes.
The company also lifted the rating on Bucyrus' credit facilities by one notch to "BB" from "BB-." S&P left the recovery rating on the debt unchanged at "3," indicating the agency believes there is an expectation of meaningful recovery in the event of a payment default. The outlook is positive.
Bucyrus manufactures electric mining shovels, blasthole drills and large-scale excavation equipment used in surface mining.
Shares of South Milwaukee, Wis.-based Bucyrus rose $5.77, or 20.5 percent, to finish at $33.93, amid a broad market rally.
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