S&P puts AMH, Associated Materials on watch

Standard & Poor's said it placed its ratings, including the B- corporate credit ratings, on AMH Holdings Inc. and operating subsidiary Associated Materials Inc. on CreditWatch with negative implications.

The CreditWatch listing reflects AMH's weaker overall financial profile resulting from the challenging operating conditions in its new residential construction and remodeling end markets, the agency said. Furthermore, given S&P's concerns about the U.S. economy, difficult credit markets and cost inflation, the agency expects AMH's operating performance to remain challenged for at least the next several quarters.

AMH will also face increased debt service requirements in September 2009 when interest expense under its senior discount notes becomes due in cash, S&P said, and the company's $90 million revolving credit facility matures in April 2009.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.