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S&P ups Goodman Global outlook to stable
Standard & Poor's said it revised Goodman Global Holdings Inc.'s outlook to stable from negative and affirmed the company's B+ corporate credit rating, B+ senior secured debt rating with a recovery rating of 2, B- senior unsecured debt rating and B- subordinated debt rating.
The outlook revision reflects S&P's expectations that Goodman Global's earnings and cash flow should benefit from the recent transition to higher energy-efficiency standards, continued healthy demand from residential end markets and further expansion of its distribution network.
The agency said the ratings on the company reflect its mature and cyclical markets, its larger and better-capitalized competitors, the relatively narrow focus of its product offerings, its earnings variability because of weather, its potential vulnerability to rising raw-material and transportation costs and its very aggressive financial policy and profile.
These negatives overshadow the company's good market position as the second-largest U.S. manufacturer of residential and light commercial air-conditioning and heating equipment, its low-cost manufacturing and the benefits of its captive distribution network, S&P said.
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