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Prospect News home > News index > List of issuers M > Headlines for Mohawk Industries, Inc. > News item |
S&P lifts Mohawk from junk
Standard & Poor's said it raised the corporate credit and issue-level ratings on Mohawk Industries Inc. by one notch to BBB- from BB+.
The outlook is stable.
The upgrade reflects a view that Mohawk will maintain and improve credit metrics that are now consistent with a low investment-grade rating, S&P said.
The agency said housing starts are expected to improve and unemployment is expected to tick down. These trends will result in gradually increasing demand for Mohawk's floor covering products, particularly as consumers and businesses begin to catch up with deferred carpet and flooring replacements, S&P said.
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