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S&P lowers Quality Home
Standard & Poor's said it lowered its corporate credit rating on Quality Home Brands Holdings LLC to CCC from B-.
The outlook is negative.
The agency said it also lowered the issue ratings on the company's $20 million revolver and $290 million first-lien term B bank loan due 2012 to CCC from B. It also revised the recovery rating to 4 from 2.
Concurrently, the agency said it lowered the issue rating on the $100 million second-lien term bank loan due 2013 to CC from CCC. The recovery rating remains 6.
"The downgrade reflects its concerns about the company's liquidity because of its very high leverage, continued very weak operating performance and its belief that credit protection measures may deteriorate further given the weak housing market and current economy," said credit analyst Bea Chiem.
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