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Associated Materials LLC Jun 11
Standard & Poors, June 2011
Abstract
Meaningful market share in the consolidated vinyl siding industry; Nationwide distribution capabilities through its company-owned supply centers; and Growing portion of sales driven by less volatile repair and remodel market. A high degree of debt leverage and significant debt service obligations; Highly cyclical end markets; Exposure to volatile raw material costs; and One key customer represents about 14% of sales. The corporate credit rating on Cuyahoga Falls, Ohio-based Associated Materials LLC (AMI) reflects the company's participation in cyclical residential construction markets and exposure to volatile raw material costs. In particular, resin and aluminum costs can compress operating margins. AMI's meaningful market share in the consolidated vinyl siding industry and nationwide distribution capabilities somewhat offset these negatives. These factors lead to...
Companies mentioned in this report are: Associated Materials LLC,AMH New Finance Inc.
Action: Review
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.
Research Type: Full Analysis
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