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Moody's: AS outlook stable
Moody's Investors Service said it changed AS America, Inc.'s (American Standard) outlook to stable from negative and affirmed its corporate family rating at Caa1, probability of default rating at Caa1-PD and $187.5 million senior secured notes due 2016 at Caa1 (LGD4, 55%).
The outlook change reflects the agency's expectations for improving credit metrics as the company begins to benefit from the rebound in the domestic repair and remodeling and new home construction sectors, key drivers of American Standard's earnings.
Moody's said American Standard's Caa1 corporate family rating reflects its high debt leverage characteristics. American Standard will continue to have difficulty generating significant levels of absolute earnings relative to its debt service requirements, the agency predicted; however, Moody's believes that stronger free cash flow generation will reduce the company's future reliance on its revolving credit facility.
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