Summary: Mueller Water Products LLC Dec 05

Standard & Poors, December 2005

Abstract
The speculative-grade ratings on Mueller Water Products LLC (the parent company of Mueller Group LLC) reflect the consolidated operations' highly leveraged financial risk profile, which more than offsets the weak business risk profile. The ratings also consider the potential cash leakage to and from Mueller and new owner Walter Industries Inc., as allowed by the companies' financial agreement. Mueller, with $1.7 billion in pro forma revenues, has solid positions in moderately cyclical segments of the North American flow control industry and water pipe markets. Decatur, Ill.-based Mueller competes in the water infrastructure markets, which are driven in part by new housing starts and replacement needs within an aging water infrastructure. Growth in housing is expected to decelerate, though it remains...

Companies mentioned in this report are:
- Mueller Water Products Inc.
- Mueller Group LLC
- Walter Energy 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.

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.

- Mueller Water Products Inc.
- Mueller Group LLC
- Walter Energy Inc.

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