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S & P upgrades VeriFone corporate credit rating

Thu, 03/11/2010 - 9:30am
The Associated Press

Standard & Poor's Ratings Services said Thursday it raised its corporate credit rating for VeriFone Holdings Inc. to "BB-" from "B+." Both are non-investment, or "junk," grades.

S&P said the upgrade reflects an improved financial performance from the San Jose, Calif., maker of electronic payment equipment. Analyst Martha Toll-Reed said the company also has moderate leverage and good liquidity.

S&P maintains a stable outlook on the company, which "reflects VeriFone's good market position, more consistent operating performance, and improved financial profile and liquidity," the analyst said.

VeriFone earlier this month posted a $10.6 million profit in its fiscal first quarter, and revenue grew 4 percent to $223.4 million. That compares with a loss of $182.6 million in the year-ago period, when the company took a big write-down to the value of its businesses.

The company's shares climbed 19 cents to $22.93 in afternoon trading.

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