S&P assigns Goodman B+, loan BB; subsidiary on watch

Standard & Poor's said it assigned its B+ corporate credit rating to Goodman Global Inc., the parent company of Goodman Global Holdings Inc. (B+/Watch negative).

The outlook is stable.

At the same time, the agency said that it assigned its BB and 1 recovery ratings to Goodman's proposed $800 million senior secured term loan B bank facility, adding that this facility is secured by a first-priority security interest in substantially all the assets of the company except for the receivables and inventory, in which it holds a second-priority interest after the $300 million asset-based revolving credit facility.

The ratings on Goodman reflect its mature and cyclical markets, aggressive financial profile and established competition that includes larger and better capitalized companies, the agency noted.

S&P said that its B+ corporate credit and other ratings on Goodman Global Holdings remain on CreditWatch with negative implications.

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