Standard & Poor's Friday raised its corporate credit rating on Friendly Ice Cream Corp to single-`B' from single-`B'-minus and raised its senior unsecured debt rating to single-`B'-minus from triple-`C'-plus. The outlook is stable. The upgrade is based on the company's restored financial flexibility following the successful completion of its refinancing plan. The refinancing includes a US$34.5m sale and leaseback of 45 restaurants, US$55m in long-term mortgages secured by 75 restaurants, and a US$30m revolving credit facility. The plan also includes the repurchase of about US$21m of its 10.5% senior notes due in 2007.