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S&P: Goodman Global view stable
Standard & Poor's said assigned a B+ corporate credit rating to Goodman Global Group Inc., holding company parent of Goodman Global Inc., and a B- issue and 6 recovery ratings to Global's proposed $320 million in five-year senior discount payment-in-kind notes.
The outlook was revised to stable from positive.
Proceeds will be used to pay a dividend to shareholders, including Hellman and Friedman LLC and others.
"The outlook revision reflects the somewhat more aggressive financial policy of Goodman Global because of the special dividend to shareholders," S&P analyst Tom Nadramia said in a statement.
The B+ rating reflects expectations that Goodman's improved operating earnings and EBITDA will allow it to maintain adequate liquidity and credit measures, according to the agency.
Goodman is expected to generate discretionary cash flow sufficient to meet all obligations while maintaining an adjusted debt-to-EBITDA ratio of 5.2x or less.
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