The double-'B'-plus corporate credit and senior unsecured debt ratings, as well as the double-'B'-minus subordinated debt rating for the company, were affirmed.
Interface recently announced lower than expected revenues and operating earnings for the quarter that ended July 1, 2001. Continued weakness in the commercial interiors and office furniture markets adversely affected revenue levels for the company's interior fabrics and broadloom segments.
Furthermore, sales levels are not expected to rebound in the second half of the year as previously anticipated. Operating margins for the period are also under pressure.