Moody's affirms Walter Industries, may up Mueller

Moody's Investors Service said it affirmed the long-term debt ratings of Walter Industries, Inc. and placed the ratings of Mueller Group, Inc. under review for possible upgrade.

The agency noted the review is prompted by Mueller Water Products, the parent company of Mueller, filing an S-1 registration statement regarding its intention to complete up to a $400 million initial public offering.

The company intends to use the resulting proceeds, less transaction fees, for incremental debt reduction, Moody's said.

Affirmed ratings include Walter's corporate family rating at Ba3, senior secured term loan and revolver at Ba3 and $175 million senior convertible subordinate notes due 2024 at B2.

Ratings on review for possible upgrade include Mueller's corporate family rating at B2, senior secured term loan and revolver at B2 and $315 million senior subordinated notes due 2012 at Caa1.

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