Mohawk Industries Inc. Outlook Revised To Positive From Stable; Affirms Ratings May 11
- ID: 1724190
- May 2011
- Standard & Poors
U.S.-based carpet and floor covering maker Mohawk Industries Inc. used free operating cash flows to reduce adjusted debt by nearly 20% in 2010 and in the first quarter of 2011, improving adjusted leverage to about 2.75x from 3.9x a year earlier. We expect earnings and funds from operations to increase over the next two years because of recent cost reductions and improving market conditions. We are affirming our ratings on the company, including the 'BB+' corporate credit rating. We are revising the rating outlook to positive from stable based on our view that the company's financial risk profile may strengthen to a level consistent with a low investment-grade rating within the next year or so. NEW YORK (Standard & Poor's)...
Companies mentioned in this report are:
- Mohawk Industries Inc.
Action: Outlook: Positive
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