Moody's: Atkore view negative

Moody's Investors Service said it cut the outlook on Atkore International, Inc. to negative from stable and affirmed the B2 corporate family rating and probability of default ratings. Moody's also affirmed the B3 rating on the senior secured notes due 2018.

Moody's said the change in outlook reflects the challenges facing Atkore in improving its profitability and debt protection ratios in the face of continuing weakness in the U.S. non-residential construction industry, which accounts for about 63% of the company's total sales.

Although the agency said it believes that conditions in the sector have bottomed, improvement is likely to be extremely gradual, and conditions remain quite competitive.

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