Norcraft Cos. LP Jun 11
Standard & Poors, June 2011
Abstract
National presence; High variable cost model; and Consistent free cash flow. Limited product diversity; Participation in a cyclical industry; High exposure to residential markets; Small sales and asset base; and Highly leveraged financial risk profile. The 'B' corporate credit ratings on Eagan, Minn.-based Norcraft Cos. LP reflect the company's weak business profile, which includes participation in the highly cyclical and competitive kitchen installation and remodeling markets, its high exposure to new residential housing starts, its relatively small size and asset base, and its highly leveraged financial risk profile. The rating and outlook also take into account Standard & Poor's Ratings Services' expectation that Norcraft's operating performance and liquidity are poised to strengthen over the next 12 to 24 months, as...
Companies mentioned in this report are: Norcraft Cos. LP,Norcraft Finance Corp.
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
Norcraft Cos. LP,Norcraft Finance Corp.
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