Fitch changes Griffon view to stable

Fitch Ratings said it changed the outlook to stable from negative and affirmed Griffon Corp.'s long-term issuer default rating at B+, senior secured credit facility at BB+/RR1 and senior unsecured notes at B+/RR4.

“The affirmation and revision in the outlook to stable from negative reflect healthy sales growth and margin expansion exceeding Fitch's expectations as consumers invest in their homes in the midst of the coronavirus-related economic downturn. The outlook revision further reflects the company's recent equity issuance, with proceeds of more than $170 million to be used for general corporate purposes and to repay borrowings under the revolver,” Fitch said in a press release.

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