Moody's ups Interface view to stable

Moody's Investors Service said it revised Interface, Inc.'s outlook to stable from negative, and affirmed its corporate family and probability of default ratings at B1, 11.375% senior secured notes due 2013 at B1 (LGD 3, 42%) and 9½% senior subordinated notes due 2014 at B3 (LGD 5, 82%).

The outlook change to stable reflects an expectation that recent improvement in profitability and credit metrics is sustainable over the near to intermediate term, as the company capitalizes on its end market diversification strategies, benefits from cost savings and manufacturing efficiencies and continues to reduce debt, Moody's said.

When combined with good liquidity, the agency said it believes there is sufficient cushion to withstand modest adverse fluctuations in performance during a protracted economic recovery.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.