Installed Building Products Announces Ratings Upgrade from Moody’s
07 Décembre 2023 - 10:30PM
Business Wire
Installed Building Products, Inc. (the “Company” or “IBP”)
(NYSE: IBP), an industry-leading installer of insulation and
complementary building products, today announced that Moody's
Investors Service, Inc. ("Moody's") has upgraded IBP’s corporate
family rating to Ba1 from Ba2, probability of default rating to
Ba1-PD from Ba2-PD. Moody's also upgraded the rating on the
Company's existing senior secured first lien term loan due 2028 to
Ba1 from Ba2 and senior unsecured notes due 2028 to Ba2 from B1.
The Company's speculative grade liquidity rating remains SGL-1. The
outlook is maintained at stable.
Moody's noted that the upgrades reflect Moody's expectations
that IBP will continue to perform well and maintain low financial
leverage. Moody’s also noted that IBP has a very good liquidity
profile characterized by the Company's ability to generate cash
flow, as well as IBP's commitment to conservative financial
policies.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, including with respect
to our financial and business model, the demand for our services
and product offerings, our ability to grow and strengthen our
market position, our ability to improve sales and profitability,
and expectations for demand for our services and our earnings.
Forward-looking statements may generally be identified by the use
of words such as “anticipate,” “believe,” “expect,” “intends,”
“plan,” and “will” or, in each case, their negative, or other
variations or comparable terminology. These forward-looking
statements include all matters that are not historical facts. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Any
forward-looking statements that we make herein and in any future
reports and statements are not guarantees of future performance,
and actual results may differ materially from those expressed in or
suggested by such forward-looking statements as a result of various
factors, including, without limitation, the adverse impact of the
ongoing COVID-19 pandemic; general economic and industry
conditions; increases in mortgage interest rates and rising home
prices; inflation and interest rates; the material price and supply
environment; the timing of increases in our selling prices; and the
factors discussed in the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022, as
the same may be updated from time to time in our subsequent filings
with the Securities and Exchange Commission. Any forward-looking
statement made by the Company in this press release speaks only as
of the date hereof. New risks and uncertainties arise from time to
time, and it is impossible for the Company to predict these events
or how they may affect it. The Company has no obligation, and does
not intend, to update any forward-looking statements after the date
hereof, except as required by federal securities laws.
About Installed Building Products
Installed Building Products, Inc. is one of the nation's largest
new residential insulation installers and is a diversified
installer of complementary building products, including
waterproofing, fire-stopping, fireproofing, garage doors, rain
gutters, window blinds, shower doors, closet shelving and mirrors
and other products for residential and commercial builders located
in the continental United States. The Company manages all aspects
of the installation process for its customers, from direct purchase
and receipt of materials from national manufacturers to its timely
supply of materials to job sites and quality installation. The
Company offers its portfolio of services for new and existing
single-family and multi-family residential and commercial building
projects in all 48 continental states and the District of Columbia
from its national network of over 240 branch locations.
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