NEW YORK (AP)--Standard & Poor Ratings Services Friday upgraded its Outlook on Loews Corp. "positive" from "stable" and said his credit score minimum investment-grade.
S & P cited in cash and liquid investment portfolio company access. Loews is managed by the Tisch family, with holdings including Loews Hotels, the insurer property CNA Financial Corp. and a drilling company conglomerate.
"We believe continued strong cash flow and earnings from its subsidiaries will fulfill major and future debt service obligations easily," said S & P.
The company was 4 billion in cash and investments on 30 September and total probably exceed 4.5 billion at the end of the year, said S & P.
"A' counterparty credit rating of the Loews" reflects portfolio significantly large and diverse to subsidiary companies and its very strong balance liquid with strong society, cash flow "said S & P.
Loews shares increased from 30 cents to close at $38.77.
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