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S&P rates new Interface notes CCC
Standard & Poor's said it assigned its CCC rating to Interface Inc.'s proposed $125 million senior subordinated notes due 2014 and affirmed its B- corporate credit and senior unsecured ratings on Interface. The company's CCC subordinated debt rating also was affirmed.
Proceeds from the proposed debt offering will be used to repay the company's $120 million outstanding senior subordinated notes due 2005.
The outlook is negative.
S&P said the ratings on Atlanta-based Interface reflect very competitive and cyclical market conditions and the company's heavy dependence on the corporate sector, factors partly offset by the company's strong market positions, geographic diversity, and functionally diverse commercial and institutional customer base.
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