S&P cuts Jeld-Wen notes to B-

Standard & Poor's said it lowered its issue-level rating on Jeld-Wen Inc.'s $460 million 12¼% second-lien notes due 2017 to B- from B as a result of a revision in the recovery rating on the debt to 5 (10%-30% recovery) from 4 (30%-50% recovery).

The B corporate credit rating and positive outlook are not affected.

S&P said its reassessment of the recovery rating stems from Jeld-Wen's recent amendment to its senior secured term loan, which increased the amount of that facility by $70 million.

Proceeds were used to create additional liquidity by paying down the company's secured revolving credit facility, which the agency said it expects will be used to fund working capital growth arising from increased demand for the company's products driven by higher housing starts.

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