S&P downgrades Quality Home Brands

Standard & Poor's said that it revised its corporate credit rating on Quality Home Brands Holdings LLC to D from CC.

S&P said it also lowered the issue ratings on Quality Home's $20 million senior secured revolver and $290 million senior secured first-lien term B bank loan due 2012 to D from CC. The recovery rating on these facilities is at 4.

Concurrently, S&P lowered the issue rating on the $100 million senior secured second-lien term bank loan due 2013 to D from C. The recovery rating is at 6.

The downgrades follow Quality Home's Chapter 11 bankruptcy filing on Dec. 4.

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