S&P rates Euramax loans B+, B-

Standard & Poor's said it lowered its corporate credit rating on Euramax International Inc. to B+ from BB-, reflecting the debt-financed purchase of the company by GSCP EMAX Acquisition LLC. S&P also assigned a B+ rating to the company's $465 million first-lien senior secured bank facility and a B- rating to the $255 million second-lien senior secured bank facility while withdrawing its ratings on the 8.5% senior subordinated notes due 2011.

The outlook is negative.

The agency said as part of the transaction, the company is issuing a new $720 million senior secured facility and retiring its 8.5% senior subordinated notes after a near-complete tender.

The agency said the ratings reflect Euramax's highly leverage profile and aggressive financial policy, partially offset by a fair business profile as some company products have leading market positions.

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