Moody's cuts Associated Materials

Moody's Investors Service said it downgraded Associated Materials, LLC's corporate family rating and probability of default rating to Caa1 from B3 and its senior secured notes to Caa1 from B3.

The outlook remains negative.

Moody's said these actions result from the larger than anticipated impairment charges totaling about $164 million and weak operating performance as reported in the company's recently published 10K.

The downgrade results from Moody's view that Associated will experience weak operating performance due to ongoing pressures from lackluster demand in the residential new construction and the repair and remodeling sectors, the main drivers of Associated's revenues, the agency said.

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