S&P: Interface outlook negative

Standard & Poor's said it revised its outlook on Interface Inc. to negative from stable and affirmed its ratings on the company, including the B+ corporate credit rating.

The agency said the outlook revision is based on the company's weakened operating performance as a result of a significant deterioration in demand from corporate office customers in the United States and Western Europe, the short-term refinancing risk regarding its upcoming $152.6 million debt maturity by February 2010, given current credit market conditions, and S&P's expectation that credit measures will weaken in 2009.

The ratings on Interface reflect the competitive and cyclical market conditions in the global floor covering market as well as the company's narrow business focus and heavy dependence on the corporate office segment, according to S&P.

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