S&P cuts Atkore

Standard & Poor's said it lowered its corporate credit rating on Atkore International Inc. to B from B+. The outlook is stable.

At the same time, the agency said it lowered its issue-level rating on the company's senior secured debt to B from B+. The recovery rating remains 3. All ratings were removed from CreditWatch, where they were placed with negative implications on Sept. 12.

"The downgrade reflects our assessment that the current cyclical downturn in nonresidential construction, Atkore's largest end market, will continue to constrain its profitability, contributing to a weaker financial risk profile," said S&P credit analyst Marie Shmaruk in a news release.

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