S&P: Euramax notes recovery rating revised to 4

Standard & Poor's said it affirmed its issue-level rating and revised its recovery rating on Euramax International Inc.'s (B-/stable/--) $375 million senior secured notes due 2016.

S&P affirmed the B- issue rating on these notes and revised the recovery rating to 4 from 3. The 4 recovery rating indicates S&P's expectations for average (30% to 50%) recovery in the event of a payment default.

"We revised the recovery ratings on U.S.-based building products manufacturer Euramax International Inc. to better capture the potential that asset-based lending credit facility claims could dampen recovery prospects for noteholders," said S&P credit analyst Gayle Bowerman in a news release.

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