Moody's affirms Goodman

Moody's Investors Service said it affirmed the ratings of Goodman Global Inc.: corporate family rating and probability of default rating at B1 and the senior secured term loan at Ba3.

The outlook is negative.

The agency said that Goodman's B1 corporate family rating reflects the company's competitive market position, established distribution and dealer network for HVAC systems, and sound operating margins.

EBITA margins were 12.2% for latest 12 months through March 31, the agency said, adding that Goodman is continuing with its cost reduction initiatives and working capital improvements, which should assist the company in managing through the current difficult business environment.

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