Standard & Poor“s affirmed its double-“B“-minus corporate credit and bank loan and single-“B“ subordinated debt ratings on Advanced Glassfiber Yarns LLC and revised the outlook to negative from s…
Standard & Poor“s affirmed its double-“B“-minus corporate credit and bank loan and single-“B“ subordinated debt ratings on Advanced Glassfiber Yarns LLC and revised the outlook to negative from stable following weaker-than-expected operating results during the past few quarters. “The primary reasons for the performance shortfall were lower demand for heavy yarns used in rigid printed circuit boards and reduced sales to the construction industry,” said Standard & Poor“s. Results have also been hurt by the strength of the US dollar versus European currencies. Somewhat offsetting these negatives are an improving product mix and modest, recent price increases, it added. Advanced Glassfiber is a global supplier of glass yarns used in a wide variety of applications including printed circuit boards, roofing materials, filtration equipment, and reinforced tapes. The company is a joint venture between Porcher Industries S.A. and Owens Corning. Porcher, a privately held firm based in France, is involved in the industrial fabrics industry and Advanced Glassfiber“s largest customer. Porcher is also the parent of glass fibre fabric-maker BGF Industries, Inc.