Following its acquisition of Summit Entertainment, Standard & Poor’s Ratings Services has upgraded its corporate rating for Lionsgate Entertainment on reduced debt and profits from The Hunger Games franchise.

The ratings agency raised the Vancouver-based mini-studio’s rating from B to B-plus, with a “stable” outlook.

“The upgrade reflects the significant improvement in Lionsgate’s credit metrics since it closed on the acquisition of Summit Entertainment in 2012,” S&P analyst Naveen Sarma said in a note Friday.

After paying down a $65 million Pennsylvania loan and boosting its discretionary cash flow since acquiring Summit in January 2012 with the Hunger Games and Twilight franchises, S&P put Lionsgate’s debt burden 4.3 times its cash flow, down sharply and positive from last year when borrowings were around 40 times.

Lionsgate in October 2012 also said it paid off a $500 million Summit term loan two years earlier than projected.

“We expect that the company will at least maintain current credit measures, and will likely modestly improve them over the next two years,” Sarma wrote.

“We believe this improvement will stem from continued success of the Hunger Games franchise, growth in more predictable television production revenues, and a continuation in the company’s strategy of giving up some film revenue upside to temper per film cost exposure,” the report added.