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Fitch lifts Mohawk Industries
Fitch Ratings said it upgraded Mohawk Industries, Inc.’s issuer default rating to BBB+ from BBB.
The outlook is stable.
The upgrades reflect the company's improving credit metrics and strong free cash flow generation, including a debt-to-EBITDA ratio of 1.5x, Fitch said.
The upgrades also consider an expectation that the company will maintain these strong credit metrics through the cycle, the agency said.
The company has a leading market position in most of its major business segments, strong brand recognition and end-market diversity, Fitch said.
Risks include the cyclicality of the company's construction end-markets and its relatively aggressive growth strategy, the agency said.
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