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S&P lowers Griffon to negative
S&P said it revised the outlook on Griffon Corp. to negative from stable.
The agency also said it affirmed the company's BB- corporate credit rating.
The agency also said it affirmed the BB+ rating on the company's $350 million revolving credit facility due 2021.
The recovery rating remains at 1, indicating 90% to 100% expected default recovery.
S&P also said it affirmed the BB- rating on Griffon's $725 million senior unsecured notes due 2022. The recovery rating remains at 4, indicating 30% to 50% expected default recovery.
The negative outlook reflects an expectation that Griffon will end in fiscal 2017 with an adjusted debt-to-EBITDA ratio of 4.9x, the agency said.
S&P also said it expects Griffon to maintain strong liquidity for the foreseeable future given the company's $350 million revolver and expected stable cash flow generation.
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