Fitch rates Griffon notes B+

Fitch Ratings said it assigned a rating of B+/RR4 to Griffon Corp.’s planned issuance of $150 million of senior unsecured notes, the proceeds of which will be used to repay a like amount of the company’s senior unsecured notes.

Fitch also affirmed Griffon’s B+ rating, senior secured credit facility at BB+/RR1 and senior unsecured notes at B+/RR4.

The agency revised the outlook to negative from stable.

“The rating and negative outlook reflect Fitch’s expectation for weaker results and credit metrics over the near term as a result of the coronavirus-related economic downturn,” the agency said in a press release.

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