Summary: CPG International Inc. Dec 09

  • ID: 1723738
  • December 2009
  • Region: Global
  • Standard & Poors
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The ratings on Scranton, Pa.-based CPG International Inc. reflect its highly leveraged financial risk profile, given Standard & Poor's Ratings Services' expectation the company will maintain leverage at or below the current level of 6x throughout 2010. We would consider this level to be in line with the 'B-' rating, given CPG's weak business risk profile reflected in its exposure to challenging residential and nonresidential construction markets and volatile resin costs. Standard & Poor's Ratings Services expects that residential end markets, where CPG derives approximately two-thirds of its sales, will gradually improve in 2010 from current depressed levels. As a result, we think the recent negative sales trend of the company's AZEK building products will likely moderate over the next...

Companies mentioned in this report are:
- CPG International LLC

Action: Review

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- CPG International LLC

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