The Standard & Poor's rating service has downgraded Oregon's largest privately held company, Jeld-Wen.

The Klamath Falls-based window and door company is suffering a double whammy. First, a very slow real estate market means not many doors and windows are being sold. Second, Jeld-Wen has debts totaling more than $1 billion.

Standard & Poor's has assigned a preliminary CCC+ rating to $570 million in bonds the company is trying to sell. That means they're classified as junk bonds.

A Canadian private equity firm, Onex, is planning to infuse about $860 million into the company. But the infusion is dependent on the sale of the junk bonds.

Onex believes Jeld-Wen is well positioned to benefit if the housing market picks up again. If the deal goes through, Onex will have a majority stake in Jeld-Wen as of this fall.

Jeld-Wen employs about 20,000 people worldwide, 2,500 of those employees are in Oregon.


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