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S&P affirms Dixie Group ratings
Standard & Poor's said it affirmed its B+ corporate credit and B- subordinated debt ratings on carpet and rug manufacturer The Dixie Group Inc.
The outlook is positive.
S&P said the rating affirmation reflects the company's improved business and financial profile, including its reduction in debt after selling certain non-core assets to Shaw Industries Group Inc. on Nov. 12.
S&P said the ratings on the Dixie Group reflect its difficult operating environment, as well as weak industry fundamentals, including market fragmentation, intense competition, and the maturity of the market. These factors are partially offset by the company's niche positions in the high-end residential and commercial carpet segments, as well as by the company's improved financial profile now that it has reduced debt with proceeds from the sale of its non-core businesses.
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