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S&P downgrades Champion Enterprises
Standard & Poor's said it lowered the corporate credit ratings on Champion Enterprises Inc. and Champion Home Builders Co. to B from B+.
The outlook is stable.
The downgrades reflect challenging market conditions in manufactured housing and domestic modular home businesses, the agency said.
Despite significant restructuring of the company's U.S. manufacturing platform, profitability remains poor, and S&P said it is concerned that weak demand and rising steel and energy costs could further weigh on operating results.
Ratings also reflect the strength and growth of Champion's Canadian manufactured home and U.K. nonresidential building operations as well as sufficient liquidity, the agency noted.
The issuer has a total debt-to- EBITDA ratio of 6.7 times as of March 31.
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