S&P lowers Ply Gem to SD

Standard & Poor's said that it lowered its corporate credit rating on Ply Gem Industries Inc. to SD from B-.

At the same time, S&P said it lowered the issue-level rating on Ply Gem's 9% senior subordinated notes due 2012 to D from CCC.

The recovery rating on this debt remains 6, the agency said, adding that all other outstanding ratings on Ply Gem remain unchanged.

"These actions follow the recent announcement by the company that affiliates of its financial sponsor, CI Capital Partners LLC, (unrated) have made a cash investment and acquired a majority of the company's outstanding 9% senior subordinated notes due 2012 and that the company intends to amend the indenture of these notes to provide it with greater financial and operating flexibility," said S&P credit analyst Tobias Crabtree.

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