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Fitch revises Associated Materials view to negative
Fitch Ratings said it revised the outlook of New AMI I, LLC (dba Associated Materials) to negative from stable and affirmed the company's ratings, including its long-term issuer default rating at B, its $200 million ABL facility at BB/RR1 and its $550 million term loan B at B+/RR3.
“The revision of the outlook to negative from stable reflects the company's weak operating results due to softness in the repair and remodel (R&R) and new home construction markets,” Fitch said in a news release.
“The negative outlook also reflects AM's aggressive capital allocation strategy and its decision to make a $171.7 million distribution to its shareholders, which was funded by sale leaseback transactions, while revenues and margins are pressured from the weak operating environment.”
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