S&P Raises Rating on Sotheby’s Bonds, After ‘Strong’ Quarter

Standard & Poor’s Ratings Services raised its rating on Sotheby’s bonds after the auction house reported a sevenfold gain in second-quarter earnings from the previous year.

Sotheby’s bonds were raised to BB+, the highest noninvestment grade, from BB-. The bonds remain in the speculative, or “junk,” category. Last week, Moody’s also upgraded Sotheby’s. Companies with higher ratings typically have lower borrowing costs.