...+ We expect Mannington Mills' operating performance to remain stable primarily driven by strong sales growth in luxury vinyl tile (LVT), offset by a decline in its legacy products sales (including vinyl, laminate, wood). + We expect the company to operate at adjusted debt to EBITDA of about 3.6x and funds from operations (FFO) to debt of 21% in the next 12 months. + Therefore, we are affirming our '##-' corporate credit rating on the company. + At the same time, we are affirming our '##-' issue-level rating on the company's term loan. The recovery rating on the term loan is unchanged at '3'. + The stable outlook reflects our expectation that the company will continue to expand its customer sales, especially in the LVT segment, and penetrate new end markets including the multi-family property and hospitality markets. This should enable the company to preserve its EBITDA margins at around 11% despite the new capacity coming online in the LVT segment....
