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Moody's rates Pipe Holdings notes (P)B1, (P) B3
Moody's Investor's Service said it assigned a provisional (P)B1 corporate family rating to Pipe Holdings 2 Ltd. and to the proposed new notes issuance as part of acquisition-related refinancing.
Along with the corporate family rating at Pipe Holdings 2 Ltd, the ratings assigned include Pipe Holdings plc's proposed £110 million senior secured notes due 2011 at (P)B1 and the proposed £75 million senior unsecured notes due 2013 at (P)B3.
The ratings reflect the company's exposure to the UK construction industry, the volatility of raw material prices, a new management team and competitive, concentrated mature markets, Moody's said.
The ratings also reflect Polypipe's strong brand-name recognition, good positioning as the lead supplier to the UK independent builders merchants and reduced vulnerability to the cyclicality of the industry.
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