...September 11, 2023 NEW YORK (S&P Global Ratings) Sept. 11, 2023--S&P Global Ratings today assigned its '###+' issue-level rating to Georgia-based Mohawk Industries Inc.'s (MHK) proposed $500 million senior unsecured notes due 2028. The company will use proceeds to partially pay down balances under its U.S. and European commercial paper programs. As of July 1, 2023, the company's U.S. commercial paper program balance was $616 million and the balance in the European commercial paper program was $398 million. We view the partial commercial paper paydown o as credit neutral because any reduction in commercial paper balances expands the company's borrowing access to its $1.95 billion revolving credit facility (RCF). As of July 1, 2023, the company's RCF balance, inclusive of commercial paper, was $1.04 billion with $907.4 million availability. We expect lower residential end-market demand partially offset by low, positive nonresidential end market demand, along with weaker residential remodeling...
