Moody's changes Griffon view to positive

Moody's Investors Service said it changed Griffon Corp.'s outlook to positive from stable and affirmed Griffon's ratings, including its B1 corporate family rating and the Ba2 ratings on the company's senior secured first-lien bank credit facilities, and the B3 rating on the $1 billion of original principal amount senior unsecured notes due 2028.

The senior secured first lien bank credit facilities consist of a $500 million first-lien revolving facility due 2028 and a $800 million original principal amount first-lien term loan due 2029. Moody's also upgraded the speculative grade liquidity to SGL-1 from SGL-2.

“The ratings affirmation and outlook change to positive reflect Griffon's improved profitability, free cash flow, and credit metrics despite pressures affecting its consumer and professional products (CPP) segment, and Moody's expectations that the company's financial policies will support credit metrics remaining in-line within its publicly stated target range,” Moody’s said in a press release.

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