S&P lifts James Hardie view to positive

S&P said it affirmed the BB corporate credit rating on James Hardie International Group Ltd.

The agency also said it revised the outlook to positive from stable.

S&P also said it affirmed the BB rating on subsidiary James Hardie International Finance Ltd.'s $400 million notes due 2023.

The recovery rating is unchanged at 3, indicating 50% to 70% expected default recovery.

The positive outlook reflects an expectation that the company’s adjusted debt-to-EBITDA ratio will remain at less than 3x over the next 12 months, S&P said.

This is due to improving new home construction and repair and remodeling spending, particularly in North America, which supports demand for the company's building products, the agency said.

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