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S&P upgrades James Hardie
Standard & Poor's said it raised the corporate credit rating on James Hardie International Group Ltd. to BB from BB-.
The agency also said it raised the rating on subsidiary James Hardie International Finance Ltd.'s $325 million notes due 2023 to BB from BB-.
The recovery rating is unchanged at 3 and continues to indicate 50% to 70% expected default recovery.
The outlook is stable.
The outlook reflects an expectation that adjusted debt-to-EBITDA will remain at less than 4x over the next 12 months as improving home construction and remodeling will support demand for the company's building materials, S&P said.
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