S&P: Goodman Global view positive

Standard & Poor's said it revised the outlook on Goodman Global Inc. to positive from stable and affirmed its B+ corporate credit rating.

"The outlook revision reflects Goodman's better-than-expected operating earnings and EBITDA in combination with our expectation that the company's operating performance will continue to improve over the next several quarters despite muted repair spending due to high unemployment and fewer housing starts," S&P analyst Thomas Nadramia said in a statement.

Since affiliates of Hellman and Friedman acquired the company in February 2008, Goodman has reduced total adjusted debt-to-EBITDA ratio to 4x as of June 30, from 5.3x in March 2008, the agency noted.

The positive rating outlook reflects expectation that Goodman will continue to benefit from increased operating efficiencies and leveraging of its distribution network, S&P said.

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