Summary: CPG International Inc.

Standard & Poors, November 2007

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 CPG, a Scranton, Pa.-based manufacturer of engineered building products, reflect its cyclical and seasonal niche markets, exposure to volatile raw-material costs, competition from substitute trim board and decking products, and a highly leveraged financial profile. These factors overshadow the company's rapid penetration of its end markets and attractive profitability. CPG, with sales of $305 million for the 12 months ended Sept. 30, 2007, operates in two main plastic product segments--cellular PVC decking and trim board (sold under the AZEK brand), and bathroom partitions and lockers (in the Scranton Products segment). Despite a severe downturn in residential housing starts, one of its primary end markets, the company's sales rose 5%, adjusted to reflect its Procell and Santana acquisitions,...

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

CPG International Inc.

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