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S&P cuts Griffon, facility, notes
S&P said it lowered its corporate credit rating on Griffon Corp. to B+ from BB- and lowered the issue-level rating on the company's revolving credit facility due 2021 to BB from BB+.
The recovery rating remains 1, reflecting an expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default.
The agency also lowered the issue-level rating on Griffon's $925 million senior unsecured notes due in 2022 to B+ from BB-. The recovery rating remains 4, reflecting an expectation of average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default.
At the same time, S&P removed all the ratings from CreditWatch with negative implications.
The outlook is stable.
The agency said the downgrade reflects a view that the acquisition of ClosetMaid increases near-term leverage beyond what is considered appropriate for a BB- rated company.
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