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Moody's downgrades AMH
Moody's Investors Service said it lowered the probability-of-default rating of AMH Holdings, Inc. to Ca from Caa1 and affirmed its Caa1 corporate family rating.
The agency affirmed AMH Holding's $446 million senior subordinated notes due 2014 at Caa2 (LGD5, 75%) and Associated Materials, LLC's $165 million senior subordinated notes due 2012 affirmed at Caa1 (LGD3, 43%).
The outlook is negative.
Moody's said the downgrade of the company's probability-of-default rating reflects Associated Materials, LLC's recent announcement that it has entered into an agreement to exchange the $88 million of 13 5/8% senior notes due 2014 issued by AMH Holdings II, Inc., parent company of AMH, for $33.066 million.
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