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Moody's: Tandus to positive
Moody's Investors Service said it revised the outlook of Tandus Flooring, Inc. to positive from stable. In addition, all other ratings were affirmed, including the B2 corporate family rating.
The change in outlook to positive from stable reflects Moody's expectation that credit metrics will continue to improve in 2012, notably its debt-to-EBITDA of 4.1 times and interest coverage of 3.5 times as of July 30.
The agency said it anticipates that Tandus will generate modest cash flows over the near term, which will provide the opportunity to make additional debt paydowns. Further, Moody's said it anticipates moderate growth in earnings largely from renovations taking place in the corporate retail segment despite weakness in certain government-related end markets.
The B2 corporate family rating of Tandus reflects its high leverage and small size relative to competitors.
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