Standard & Poor's Ratings Services said Wednesday it raised its corporate credit rating for medical technology company Kinetic Concepts Inc., citing its improved financial risk profile.

S&P increased the rating to "BB+" — its highest non-investment or junk grade rating — from "BB." The outlook is stable.

S&P also raised the company's senior secured debt rating to "BBB" from "BBB-" which are both investment-grade, and its senior unsecured debt rating to a junk-grade "BB-" from "B+."

Kinetic Concepts, based in San Antonio, Texas, develops therapies and products for wound care and tissue regeneration.

S&P said it now views the company's improved financial risk profile as intermediate.

"We also believe that the company is more likely to make smaller, bolt-on acquisitions, rather than large debt-financed acquisitions that would significantly alter our view of the company's financial risk profile," said analyst Jesse Juliano in a statement.

Earlier this month, Moody's Investors Service also upgraded Kinetic's senior credit ratings, citing debt repayment.

Shares of Kinetic fell 17 cents to $37.29 in midday trading.