S&P affirms Nortek

Standard & Poor's said it affirmed the B- corporate credit rating on Nortek Inc. and its parent, NTK Holdings Inc. and removed them from CreditWatch where they were placed with negative implications on April 21.

The outlook is negative.

S&P said the affirmation follows completion of the refinancing, which helps to mitigate concerns about near-term liquidity.

Ratings reflect the company's heavy debt burden, aggressive financial policies, ongoing cost pressures and competitive, cyclical markets, S&P said.

Ratings also reflect Nortek's markets, geographic diversity and relatively sizable free cash flow, the agency noted.

Nortek has an adjusted debt-to-EBITDA ratio of 8.9 times as of March 31.

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