Investors Cheer Blockbuster (BBI) Credit Upgrade

Shares of Blockbuster Inc. (NYSE: BBI) are rallying higher today S&P gave the company's credit rating a boost today. At noon, the stock is up 12.4% to $1.54.

Last yesterday, Standard & Poor's raised its raised its corporate credit rating on Blockbuster Inc. to 'B-' from 'CCC'. The outlook is stable.

Standard & Poor's said the refinancing provides meaningful improvement in Blockbuster liquidity position, and operational flexibility is likely to benefit from enhanced liquidity. The stable outlook reflects their belief that liquidity will remain adequate over the near term despite continued operational weakness and moderate deterioration of the company's credit protection metrics.

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