Moody's lowers AS America

Moody's Investors Service said it downgraded AS America, Inc.'s corporate family rating and probability of default rating to Caa1 from B3 and its senior secured notes due 2016 to Caa1 from B3.

In a related rating action, Moody's changed the rating outlook to negative from stable.

Moody's said the downgrades result from operating performance below its expectations due to ongoing malaise in the new home construction sector and the repair and remodeling markets, the main drivers of American Standard's revenues. The new home construction sector continues to struggle amid uncertainties regarding the timing of a full recovery.

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