S&P rates WII Components notes B-

Standard & Poor's said it assigned a preliminary B- corporate credit rating to WII Components Inc. and a preliminary rating of B- to its planned $115 million senior secured notes due 2015 with a recovery rating of 4, indicating 30% to 50% expected recovery in a default.

The outlook is stable.

The proceeds will be used to complete the recent tender offer for its $108.4 million senior unsecured notes due in 2012.

The rating reflects the company's highly leveraged financial risk profile and vulnerable business risk profile, S&P said.

The financial risk profile also incorporates a belief that the company should have adequate liquidity in the near term to weather the sluggish housing recovery, the agency said.

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