S&P Global Ratings on May 28 upgraded the long-term issuer credit rating of U.K.-based Cabot Financial Ltd. to BB- from B+, with a stable outlook.

The upgrade reflects the agency's view that the company will remain committed to improving its credit metrics in 2020 and further reduce its debt levels.

The stable outlook reflects the agency's expectation that the company's increasingly diversified earnings and stable cash collection performance will support a reduction in leverage over the next 12 months.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.