S&P affirms Fleetwood

Standard & Poor's said it affirmed its B corporate credit, CCC+ senior subordinated debt and CCC trust preferred securities ratings on Fleetwood Enterprises Inc.

The outlook is negative.

The agency said that the ratings acknowledge continued earnings pressure resulting from soft consumer demand for the company's factory-built homes and certain recreational vehicle products.

Despite recent cost reductions, Fleetwood reported a modest GAAP loss and an operating cash flow deficit in the most recent fiscal quarter, S&P added.

However, despite lower cash and marketable securities balances, Fleetwood retains sufficient financial flexibility in the near term under a renegotiated revolving credit facility, the agency said.

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