Summary: Compression Polymers Holdings LLC

Standard & Poors, December 2004

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The ratings on Moosic, Pa.-based Compression Polymers Holdings LLC, which is mostly owned by Whitney & Co. and Clearview Capital LLC, reflect the modest sales bases of its principal product lines, the relatively short operating record of its key trimboard product, aggressive debt leverage, exposure to volatile raw-material costs, the cyclicality of end markets, and vulnerability to rising interest rates. These negatives overshadow the company's solid position in residential and light commercial exterior building products and toilet partition markets, the trend toward plastic products with their lower life-cycle costs, and healthy operating margins. Compression Polymers, with 2003 sales of $137 million, operates three main plastics businesses--trimboard (sold under the AZEK brand), bathroom partitions, and plastic sheet manufacturing. The company's trimboard...

Companies mentioned in this report are: CPG International Inc.
Action: Review

CPG International Inc.

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