...NEW YORK (Standard & Poor's) July 31, 2015--Standard & Poor's Ratings Services said today it assigned its 'A-2' short-term foreign and local currency ratings to Mohawk Capital Luxembourg S.A., a subsidiary of Mohawk Industries Inc. As a result, we will rate issues from Mohawk Capital's newly established 1 billion commercial paper (CP) program 'A-2', the same rating as Mohawk Industries' existing US$1.8 billion CP program. The 1 billion CP program is guaranteed by Mohawk Industries Inc. The total outstanding under both the US$1.8 billion and 1.0 billion CP programs is supported by Mohawk's $1.8 billion revolving credit facility due in 2020. The total outstanding under both programs in aggregate cannot exceed US$1.8 billion equivalent. Although the group now has two separate CP programs in place, we do not project Mohawk's overall debt levels to increase because we expect new CP issuance to replace existing revolving credit borrowings. We expect Mohawk will reduce debt leverage over the next...
