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S&P upgrades Headwaters
Standard & Poor’s said it raised the corporate credit rating on Headwaters Inc. to B+ from B.
The agency also said it raised the ratings on the company’s $400 million senior secured notes to BB- from B+. The recovery rating on the notes is unchanged at 2, indicating 70% to 90% expected default recovery.
The agency also said it raised the ratings on the company’s $150 million senior unsecured notes to B- from CCC+. The recovery rating on the notes is unchanged at 6, indicating 0 to 10% expected default recovery.
The outlook is stable.
Credit measures are expected to improve during the year, but to still remain in line with the company’s aggressive financial risk profile with 2015 leverage expected to be about 4x, S&P said.
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