S&P affirms Nortek

Standard & Poor's said it affirmed its ratings, including its B corporate credit rating, on Nortek Inc. and its parent, NTK Holdings Inc.

At the same, the agency said it removed the ratings from CreditWatch, where they were placed on May 8 with positive implications, in connection with NTK's planned $600 million common stock IPO.

The outlook is stable.

S&P added that the rating actions reflect uncertain financial market conditions and, consequently, its reservations about NTK's ability to complete the IPO in the near term, noting that the ratings on Nortek reflect its very aggressive financial policies, heavy debt burden, competitive, cyclical markets and cost pressures.

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