Moody's upgrades Jeld-Wen

Moody's Investors Service said it raised Jeld-Wen, Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and affirmed the B3 rating on the company's $460 million senior secured notes due 2017.

The outlook is stable.

Moody's said the upgrade of the corporate family rating to B2 from B3 reflects Jeld-Wen's improved adjusted debt leverage, due to Moody's new treatment of preferred stock for speculative-grade companies. The agency now treats preferred stock as 100% equity rather than attributing some measure of debt to the instrument.

The upgrade is also supported by Moody's belief that Jeld-Wen's credit metrics, sustained by an improving residential construction market, will gradually improve for at least the next two years.

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