Moody's upgrades Armstrong to SGL-2

Moody's Investors Service said it upgraded Armstrong World Industries, Inc.'s speculative grade liquidity rating to SGL-2 from SGL-3, changed the outlook to positive from stable and affirmed the company’s corporate family rating at B1, its probability of default rating at B1-PD and its senior secured revolving credit facility due 2018, term loan A due 2018 and term loan B due 2020 at B1 (LGD3).

The agency said the upgrade of the speculative grade liquidity rating is based on its expectations of solid free cash flow generation and more availability under Armstrong’s credit facilities over the next 12 months.

Moody’s said the change in outlook reflects its expectations that operating performance and resulting credit metrics will continue to improve, supporting higher ratings.

Armstrong's B1 corporate family rating reflects the agency’s view that the company’s operating performance and resulting debt credit metrics are robust relative to its current ratings.

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