S&P: Alabama Metal on positive watch

Standard & Poor's said it placed its B+ corporate credit rating on Alabama Metal Industries Corp. (Amico) on CreditWatch with positive implications following an announcement by unrated Gibraltar Industries Inc. that it has entered into a definitive agreement to acquire Amico for $240 million.

The CreditWatch placement reflects Amico's acquisition by a larger and apparently financially stronger entity, S&P said.

However, this conclusion was based solely on public financial statements and does not incorporate other critical rating factors that are vital for S&P to assess issuer creditworthiness, the agency noted.

S&P added Amico's corporate credit rating will be withdrawn when the acquisition closes, which is expected in the next couple of weeks.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.