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S&P upgrades Masonite
Standard & Poor’s said it raised the long-term corporate credit rating on Masonite International Corp. to BB from BB-.
The agency also said it raised the rating on the company’s senior unsecured notes to BB from BB-. The 4 recovery rating on the debt is unchanged, indicating 30% to 50% expected default recovery.
The outlook is stable.
The upgrades reflect the stronger-than-expected core credit measures that the company has generated in the past year, S&P said, and an expectation for further improvement in 2016.
Strong revenue growth, led by unit pricing gains, primarily contributed to higher earnings and cash flow and the corresponding improvement in leverage and cash-flow ratios, the agency said.
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