ARCHDALE, N.C., May 25 /PRNewswire-FirstCall/ -- Sealy Corporation , the world's leading mattress producer, announced its debt ratings have been upgraded by both Moody's Investors Service and Standard & Poor's Ratings Services; both Moody's and S&P rated Sealy's outlook as stable.
Moody's upgraded Sealy's
- Corporate family credit rating to Ba3 from B1
- Senior secured debt rating to Ba3 from B1
- Senior subordinated notes due 2014 ratings to B2 from B3
S&P upgraded Sealy's
- Corporate credit rating to BB- from B+
- Senior secured debt rating to BB- from B+
- Senior subordinated notes (due 2014) to B from B-
"We're pleased with the rating agency upgrades and recognition from Moody's and S&P of our strong history of paying down debt," said Dave McIlquham, chairman and chief executive officer of Sealy. "The upgrades afford Sealy greater financial flexibility going forward. They also indicate confidence in our ability to continue to deliver strong operating results and cash flow and improve our financial position following the repayment of debt with proceeds from the IPO."
Sealy Corporation
Sealy is the largest bedding manufacturer in the world with sales of nearly $1.5 billion in 2005. The company manufactures and markets a broad range of mattresses and foundations under the Sealy(R), Sealy Posturepedic(R), Stearns & Foster(R), and Basset(R) brands. Sealy has the largest market share and highest consumer awareness of any bedding brand in North America.
Sealy has 25 plants in North America and sells its products to 2,900 customers with more than 7,000 retail outlets. Sealy is also a leading supplier to the hospitality industry. For more information, please visit http://www.sealy.com/.
Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward- looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward- looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.
