S&P rates SI Corp. notes B

Standard & Poor's said it assigned its B+ corporate credit rating to SI Corp. and assigned a B rating to SI's proposed $230 million senior secured notes due October 2012.

S&P said the ratings reflect SI's below-average business risk profile, a very aggressive financial position that is characterized by a heavy debt burden, and operating results that are vulnerable because of substantial customer concentration and exposure to volatile raw-material costs.

These factors are somewhat mitigated, the agency said, by a strong market share within the large flooring solutions unit, improved focus on product quality and efficiency, and an increased emphasis on product innovation and line extensions.

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