S&P revises Armstrong World to stable

Standard & Poor's said it revised its outlook on Armstrong World Industries Inc. to stable from positive.

At the same time, the agency affirmed its BB corporate credit rating on the company and its BB issue ratings on the company's senior secured debt.

The outlook revision reflects lower projected sales and EBITDA in 2014 and 2015 than previously expected. As a result, leverage metrics are unlikely to improve in line with prior expectations. S&P now expects debt leverage for 2014 to remain in the "significant" category at about 3.2 times, compared to the agency’s prior estimate of less than 3 times, which represents an "intermediate" financial risk.

S&P therefore continues to maintain its "satisfactory" business risk profile and "significant" financial risk profile on Armstrong.

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