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S&P puts Ply Gem on watch
Standard & Poor's said it placed its ratings, including its B+ corporate credit rating, on Ply Gem Industries Inc. on CreditWatch with negative implications.
The rating action followed the company's announcement that it has entered into a definitive agreement to acquire Alcoa Home Exteriors Inc. from Alcoa Inc. (A-/negative/A-2) for a purchase price of about $305 million, the agency said.
Although the acquisition should somewhat improve Ply Gem's business risk profile, S&P said it is concerned that an additional debt-financed acquisition, especially at this point in the housing cycle, may prevent Ply Gem from attaining credit metrics appropriate for the current ratings.
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