S&P affirms Atkore

S&P said it affirmed its BB- corporate credit rating on Atkore International Inc.

The outlook is stable.

The BB- issue level and 3 recovery ratings (50%-70%; rounded estimate 60%) on the company's first-lien term loan due in 2023 are unchanged.

The agency revised its assessment of Atkore’s financial policy to neutral from that of a financial sponsor-owned entity.

Atkore is no longer owned by CD&R Allied Holdings LP, which sold its remaining interest in the company.

The agency said that prior to the divestiture, Atkore's adjusted leverage increased to about 4 times from 2.5 times on a trailing-12-months basis as of March 31, which S&P views as commensurate with the rating.

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