S&P: AS America view negative

Standard & Poor's said it revised the outlook on AS America Inc. to negative from stable and affirmed its B corporate credit rating.

"The rating outlook revision reflects our view that recent operating performance for AS America Inc. has been weaker than we expected, and is likely to continue to underperform given a slower recovery in new construction and lower levels of repair and remodeling spending than we had previously anticipated," S&P analyst Megan Johnston said in a statement.

The B corporate credit rating reflects the company's weak business risk profile and highly leveraged financial risk profile, according to the agency.

Adjusted debt to EBITDA could exceed 6 times over the next two years and interest coverage may be below 2x, S&P said.

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