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S&P: Ames True outlook stable
Standard & Poor's said it revised the outlook on Ames True Temper Inc. to stable from negative and affirmed its CCC+ corporate credit rating.
The agency affirmed the $150 million senior floating rate notes at CCC+ and assigned a 4 recovery rating, and affirmed the $150 million 10% senior subordinated notes at CCC- and assigned a 6 recovery rating.
The outlook revision reflects the company's improved liquidity position resulting from inventory reductions and positive free cash flow generation in fiscal 2007, according to S&P.
Ratings reflect competitive industry dynamics, the company's narrow product portfolio, seasonal business characteristics, limited geographic diversification and a highly leveraged capital structure, the agency said.
The issuer's adjusted debt-to-EBITDA ratio for the 12 months ended Dec. 29 was 9.1 times.
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