Moody's affirms Knoll

Moody's Investors Service said it affirmed Knoll, Inc.'s Ba3 corporate family rating and withdrew the Ba2 (LGD2, 27%) rating assigned to its $500 million senior secured credit facility following the refinancing of the facility with an unrated $500 million revolving credit facility.

The outlook is stable.

The agency said Knoll's Ba3 rating reflects its strong brand name, diversified customers, industry-leading margins and a good market position in its core office systems business with more than a 15% market share. The rating further reflects Knoll's long-standing reputation for product quality and design/innovation.

The rating is constrained by the company's modest top line, which is about two-thirds of the median for similarly rated companies, by the cyclical and competitive nature of the industry and by high raw material prices, Moody's said.

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