NEW YORK — Standard & Poor’s here has revised its outlook on Ingles Markets, saying the retailer posted better financial results than the rating agency had anticipated in the past two quarters, with better performance to come.
S&P maintained its corporate BB- rating on Ingles but revised its outlook from negative to stable.
“The ratings on Ingles reflect our expectation that the company will increase both sales and profits slightly in the near term, thereby enhancing credit metrics,” Charles Pinson-Rose, an S&P analyst, said in a statement.