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S&P upgrades Olin Corp.

BOSTON (AP) -- Standard & Poor's Ratings Service on Wednesday raised its rating on Olin Corp., saying it expects the chlor-alkali and ammunition producer's operating performance and credit metrics to improve.

S&P raised its corporate credit rating on Olin one notch in junk or non-investment grade territory, to "BB+" from "BB." It also raised its issue-level ratings on the company's unsecured debt to "BB+" from "BB-".

The outlook is stable.

S&P expects Olin's performance will continue to improve gradually, supported by strength in its Winchester ammunition business and the growth of its bleach and aqueous hydrochloric acid sales within the chlor-alkali business.

Olin, based in Clayton, Mo., makes chlor-alkali products used for paper processing, chemical manufacturing and water purification among other things. It also sells products used in steel, plastics, pharmaceutical and other industries. Its Winchester segment makes shotgun shells and other ammunition.

Shares fell 32 cents to $23.90 in afternoon trading.