S&P rates ThermaClime

Standard & Poor's said it assigned its B- corporate credit rating to chemicals and climate control products manufacturer ThermaClime Inc. and assigned its B- senior secured debt rating to a proposed $90 million offering of senior secured notes due 2014.

The outlook is stable.

S&P said the ratings on ThermaClime reflect its very aggressive financial profile characterized by high debt leverage, an aggressive financial policy, thin free cash flow, and limited liquidity. Ratings also reflect a well-below-average business position that includes exposure to highly cyclical end markets, volatile raw-material costs, customer concentration risk, and a modest financial base.

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