Moody's ups MIWD, assigns notes B3

Moody's Investors Service said it upgraded MIWD Holdco II LLC's, the parent of MI Windows and Doors, LLC (MIWD), corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and the rating for the company's first-lien senior secured term loan due 2027 to Ba3 from B2. Moody's also assigned a B3 rating to the company's planned $400 million of senior unsecured notes due 2030.

"The CFR upgrade reflects the strengthening of the company's scale, the favorable end market backdrop and the improvement in its credit metrics pro forma for recent and proposed transactions," said Natalia Gluschuk, a Moody's vice president and senior analyst, in a press release.

The issuer will use the proceeds to retire about $300 million of its first-lien term loan and to redeem about $100 million of the preferred equity held at the parent company.

The outlook is stable.

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