Fitch upgrades Atkore

Fitch Ratings said it upgraded the long-term issuer default ratings for Atkore Inc. and Atkore International Inc. to BBB- from BB+. The agency also raised Atkore Inc.'s $400 million of senior unsecured notes to BBB- from BB+/RR4 and Atkore International's $400 million secured term loan B and $325 million asset-lending revolver to BBB from BBB-/RR2 and BBB-/RR1, respectively.

“The upgrade reflects Atkore's favorable 'one-stop shop', geographically advantaged operating profile, significant financial flexibility, and commitment to a capital allocation policy that will sustain gross leverage at or below 2x. The ratings are also supported by Atkore's strong market position, healthy margins and exposure to end markets with secular growth drivers,” Fitch said in a press release.

The outlook is stable.

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