Moody’s ups Armstrong World to SGL-1, view positive

Moody's Investors Service said it upgraded Armstrong World Industries, Inc.'s speculative grade liquidity rating to SGL-1 from SGL-2 based on expectations of solid free cash flow generation over the next 12 months.

In a related action, the agency changed the outlook to positive from stable because operating performance and resulting credit metrics will continue to improve.

Moody’s said the upgrade of Armstrong's speculative grade liquidity rating reflects its view that the company will have a very good liquidity profile over the next 12 months, characterized by solid free cash flow generation. The agency projects Armstrong generating $110 million of free cash flow (inclusive of dividends from WAVE JV) over the next 12 months, its highest level since 2009.

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