More good news on the credit ratings front for Sovran Self Storage, the Williamsville-based self-storage facility operator.

Standard&Poor’s on Tuesday hiked its outlook for Sovran’s corporate credit rating to stable, reflecting the company’s strengthened financial position following its October stock sale that raised $114 million. S&P had lowered its outlook to negative in May, citing concerns over the impact the recession was having on Sovran’s business and its high leverage levels.

The stock sale allowed Sovran to pay down some of its debt and reduced its overall leverage, which had caused another credit rating agency, Fitch Ratings, earlier in the year to downgrade the company to below investment grade. Fitch restored Sovran’s investment grade rating shortly after the stock sale was completed.