Moody's rates Armstrong facility B1

Moody's Investors Service said it affirmed Armstrong World Industries, Inc.'s B1 corporate family rating and B1-PD probability default rating.

Moody's also assigned a B1 rating to the company's senior secured bank credit facility consisting of a $250 million revolving credit facility, a $500 million term loan A and a $525 million term loan B.

The company's speculative grade liquidity rating was affirmed at SGL-2.

The outlook was changed to positive from stable.

Proceeds from the proposed term loans will be used to refinance the company's existing debt.

Moody's said the B1 rating assigned to the facility, the same rating as the corporate family rating, reflects the preponderance of secured bank debt in Armstrong's capital structure.

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