S&P: Masonite International to positive

S&P said it revised the outlook on Masonite International Corp. to positive from stable and affirmed its BB long-term corporate credit rating.

At the same time, the agency affirmed its BB issue-level rating on Masonite's senior unsecured notes and revised the recovery rating to 3 from 4. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate of 65%) recovery in the event of default.

"The outlook revision reflects the increased likelihood that we will upgrade the company within the next 12 months with continued improvement in Masonite's core credit measures supported by a positive momentum in new home construction and repair and remodeling spending in North America," S&P credit analyst Alessio Di Francesco said in a news release.

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