Moody's drops AMH, Associated Materials

Moody's Investors Service said it has downgraded the debt rating of AMH Holdings, Inc., and its subsidiary Associated Materials Inc.

The downgrade of the corporate family rating to Caa1 from B3 reflects the financial and operating impact from the weak homebuilding market and the contraction in the repair and remodeling market, the agency said.

Additional financial pressure results from the company's holding company debt going cash pay beginning in Sept. 2009, Moody's added.

Affected ratings include the company's probability of default rating downgraded to Caa1 from B3 and $446 million guaranteed senior discount notes due 2014, affirmed at Caa2, LGD assessment changed to LGD5, 75% from LGD5, 79%.

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