S&P Global Ratings raised the corporate credit rating of CyrusOne Inc. to BB from BB-, with a stable outlook.

In addition, the company raised the issue-level rating on the senior unsecured credit facility and senior unsecured notes of the company to BB+ from BB.

According to a note, the upgrade reflects S&P's expectations that the company will continue to use a "healthy" amount of equity to finance its expansion plans, highlighting the company's disclosure that it raised about $200 million in equity proceeds through its at-the-market program in the second quarter.

The stable outlook reflects the rating agency's anticipation that the company will manage leverage between its 4x to 5x leverage target.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.