Kentwood-based X-Rite Inc. (Nasdaq: XRIT) announced that both Moody’s Investors Service and Standard & Poor’s Ratings Services (S&P) recently upgraded their respective corporate credit ratings on X-Rite.

Moody’s upgraded X-Rite’s corporate family rating to B2 from B3, and the rating on the first lien senior secured credit facilities to B1 from B2. Moody’s noted that the upgrade acknowledged X-Rite’s improved operating performance and reflected their expectation of continued organic revenue and earnings growth and sustained operating margins. The upgrade also considered improved end-market conditions and global demand trends.

Similarly, S&P upgraded its corporate credit rating to B+ from B. In line with the upgrade to the corporate credit rating, S&P also raised the issue-level rating on the first lien facility to BB- from B+. S&P stated that the upgrade reflects an overall recovery in the company’s markets, traction from new products and particular improvement in the European markets.

Both rating agencies noted a positive rating outlook.

Said X-Rite CFO Rajesh K. Shah: “We will continue to leverage our financial performance into an improved capital structure with revenue growth and profitability.”

The company recently reported debt pay downs of $19.2 million during its third quarter of 2010 and $36.2 million for the nine months ended Oct. 2, including the pay off of the company’s second lien credit facility.

X-Rite develops, manufactures, markets and supports color measurement systems, software, standards and services. X-Rite serves a range of industries, including printing, packaging, photography, graphic design, video, automotive, paints, plastics, textiles, dental and medical.

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