S&P rates Armstrong World loans BBB-

Standard & Poor's said it assigned a BBB- rating and 1 recovery rating to Armstrong World Industries Inc.'s proposed $700 million of senior secured credit facilities due in 2015, consisting of a proposed $450 million term loan and proposed $250 million revolving credit facility.

The rating is two notches above the BB corporate credit rating on Armstrong. The recovery rating of 1 indicates 90% to 100% expected recovery in a default.

The agency also said it affirmed the BB corporate credit rating on Armstrong World Industries Inc.

The outlook is stable.

The ratings reflect the company's leading positions in vinyl and wood flooring and ceiling systems production, a fair balance between residential and commercial end markets, strong liquidity and manageable debt levels despite a weak operating environment, S&P said.

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