We expect U.S.–based lubricants company Valvoline Inc.'s credit metrics to strengthen as it continues to deliver satisfactory operating performance, which should lead to further improvement in the company's credit ratios, including adjusted debt to EBITDA improving to the mid-2x area by the end of fiscal 2018. We are raising our corporate credit rating on the company to 'BB+' from 'BB'. We are also affirming our 'BBB-' issue-level rating on the company's senior secured bank credit facilities. The '1' recovery rating on the senior secured bank credit facilities is unchanged. We are also raising our issue-level rating on the company's senior unsecured notes to 'BB+' from 'BB'. The '4' recovery ratings on the senior unsecured notes is unchanged. The stable outlook
