S&P: Ply Gem view to stable

Standard & Poor's said it revised the outlook on Ply Gem Industries Inc. to stable from positive.

The agency also said it affirmed its B- corporate credit rating, along with the B- rating on the company's senior secured notes due 2018, which are being increased by $40 million to $840 million via a supplemental offering.

The recovery rating on the notes is 4, indicating 30% to 50% expected recovery in a default.

The outlook revision reflects an expectation that credit measures will improve only modestly over the next 12 months, S&P said.

As a result, the agency said it expects total leverage will remain above 7.5x.

However, the recovery in U.S. residential construction and remodeling markets has been slower to materialize, S&P said.

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