Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Headwaters Inc. > News item |
Moody’s raises Headwaters, notes
Moody's Investors Service said it upgraded Headwaters Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD, $400 million senior secured notes due 2019 to B1 (LGD3) from B2 (LGD3) and $150 million senior unsecured notes due 2019 to Caa1 (LGD5) from Caa2 (LGD5).
The outlook is stable.
The upgrades are based on improved debt leverage metrics and its expectations that Headwaters operating performance will continue to get better, yielding better debt credit metrics, Moody’s said. They result from results expectations that operating profits and cash flow generation will continue to grow, resulting in debt credit metrics supportive of higher ratings.
Headwaters' light building products business will benefit from higher volumes due to sustained strength in new housing construction and repair and remodeling, both drivers of this business' revenues.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.