Moody's affirms Contech; outlook negative

Moody's Investors Service said it affirmed the ratings of Contech Construction Products, Inc.: corporate family and probability of default ratings at B2.

The outlook has been changed to negative from stable.

According to the agency, the negative outlook reflects the risk that Contech's ability to navigate the downturn in construction spending may be hindered by its highly leveraged capital structure and diminished headroom under its financial covenants.

Contech's B2 corporate family rating is supported by the company's strong market position in steel trusses, bridges and storm water and drainage solutions, Moody's noted.

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