Moody’s changes Universal Fiber view

Moody's Investors Service said it changed Universal Fiber Systems, LLC's outlook to negative from positive.

At the same time, Moody's affirmed the company's B3 corporate family rating, B2 first-lien senior secured rating and Caa2 second-lien senior secured rating.

“The negative outlook reflects the secular decline in commercial carpet in North America and continued weakness in Universal Fiber's earnings, which in turn will narrow the company's headroom under its financial maintenance covenant in its first-lien term loan agreement,” Jiming Zou, a Moody's vice president and senior analyst, said in a news release.

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