S&P affirms Ply Gem

Standard & Poor's said it affirmed its ratings, including its B corporate credit rating, on Ply Gem Industries Inc.

All ratings were removed from CreditWatch, where they were placed with negative implications on April 11, the agency noted.

The outlook is negative.

At the same time, the agency said it assigned a B rating, the same as the corporate credit rating, and a 3 recovery rating to Ply Gem's proposed $700 million senior secured notes due 2013.

Proceeds from the notes in conjunction with an expected $150 million asset-based revolving credit facility will be used to repay the company's senior secured credit facilities, the agency said, adding that the affirmation and CreditWatch removal reflect our assessment that Ply Gem's liquidity position will remain adequate despite difficult operating conditions in the residential construction and remodeling markets that are likely to persist for at least the next several quarters.

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