Moody's lowers Griffon

Moody's Investors Service said it downgraded Griffon Corp.'s corporate family rating to B1 from Ba3, probability of default rating to B1 from Ba3, its $550 million senior unsecured rating to B1 from Ba3 and its $200 million revolver rating to Ba1 from Baa3.

The company's SGL-2 speculative-grade liquidity rating was affirmed.

The outlook is stable.

Moody's said it believes it earnings, cash flow and credit metrics will not meet previous expectations in the near- to mid-term.

The downgrades also consider that credit metrics are weak for a Ba3 rating and are unlikely to improve to levels previously expected in the next couple of years, the agency said.

The ratings reflect the company's leading market position in many of its product segments and an expectation for good liquidity over the next year, Moody's said.

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