Moody's: Armored negative

Moody's Investors Service said it affirmed the corporate family and probability of default ratings for Armored AutoGroup Inc. at B2, and changed the rating outlook to negative from stable.

The company's speculative grade liquidity rating of SGL-3 was also affirmed.

"Our negative outlook for Armored is reflective of the company's weak operating performance since its LBO in November 2010," Moody's senior vice president Janice Hofferber said in a release.

"Top-line growth, profitability, and cash flows are tracking well below our expectations due to adverse weather and economic conditions combined with disappointing launch of certain new products at a time when the company is incurring substantial transitional costs," Hofferber added in the release.

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