Standard & Poor’s Ratings Services has raised the corporate credit ratings on The Shaw Group Inc. (NYSE: SGR) from BB to BB+. The outlook remains stable.

Shaw executive vice president and chief financial officer Brian K. Ferraioli says, “This latest credit rating upgrade reflects the strength of Shaw’s financial profile, the company’s excellent operating performance and its leadership position in its primary end markets. We continue to generate strong cash flow from operations, and our balance sheet continues to strengthen, highlighted by a record cash balance approaching $700 million at our third quarter close.”

He adds that the S&P ratings upgrade follows the April upgrade from Moody’s Investors Service on Shaw’s corporate credit rating and the rating assigned to the company’s senior secured bank credit facility from Ba2 to Ba1.