Fitch Affirms Mohawk's IDR At 'BBB-'; Revises Outlook To Positive

(RTTNews) - Fitch Ratings said Tuesday that it has affirmed the ratings of Mohawk Industries, Inc. (MHK), including the company's Issuer Default Rating, at 'BBB-'.

The Rating Outlook has been revised to Positive from Stable.

Fitch said Mohawk's rating reflects the company's leading market position in most of its major business segments, strong brand recognition, and end-market diversity. Risks include the cyclicality of the company's end-markets, a relatively weak global economy, aggressive growth strategy, and near-term increase in leverage associated with acquisitions completed this year.

The Positive Outlook reflects Fitch's expectation that the company will quickly improve its credit metrics following the completion of three acquisitions during the first half of 2013, which initially increased debt levels by $1.2 billion relative to year-end 2012.