S&P affirms Stile, units

Standard & Poor's said it affirmed its B+ long-term corporate credit rating on Stile Consolidated Corp. (a newly formed holding company) and its newly formed subsidiaries Stile U.S. Acquisition Corp. and Stile Acquisition Corp.

S&P also affirmed Masonite International Inc.'s BB+ senior secured debt, Stile Acquisition Corp.'s BB- secured bank facility, B- senior unsecured debt and B- senior subordinated debt and Stile U.S. Acquisition Corp.'s BB- senior bank facility, B- senior unsecured debt and B- senior subordinated debt.

S&P said the affirmation follows the decision by Kohlberg Kravis Roberts & Co. to provide additional equity to finance the purchase of Masonite International Corp. The outlook is stable.

The Stile companies were set up to buy Masonite, and the ratings are contingent on the successful completion of the acquisition of Masonite under the latest proposed terms offered by Kohlberg Kravis Roberts & Co. and Masonite's management.

The existing BB+ ratings on Masonite will remain on CreditWatch negative until the transaction is completed.

The existing legal entity, Masonite International Corp. will be merged into Stile Acquisition Corp. on the completion of the transaction, and the rating on Masonite will be withdrawn.

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