S&P Raises Exide Technologies Rating

The rating agency raised Exide's corporate rating to "B-" from "CCC+" and said the company's credit outlook is stable. Both ratings are below investment grade.

"The rating action reflects Standard & Poor's view that a default by Exide is unlikely over the next 12-18 months," S&P analyst Gregg Lemos Stein said in a statement.

Alpharetta, Ga.-based Exide has total debt of about $1.1 billion, S&P said. Although lead prices have tripled since the middle of last year, Exide has been able to improve its financial results by passing higher costs to customers, the rating firm added.

Earlier this month, the company reported it narrowed its third-quarter loss to $14.8 million, or 24 cents per share, from $35.1 million, or $1.16 per share, last year.

Exide shares rose 25 cents, or 4.3 percent, to $6.05 in morning trading. The stock has traded as low as $3.87 and as high as $10.05 over the past year.