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Building Materials Corp. of America's $1 Billion Senior Unsecured Notes Rated 'BB+'
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) April 26, 2011--Standard & Poor's Ratings Services today assigned its 'BB+' rating (same as the corporate credit rating) to Wayne, N.J.-based shingles and roofing materials maker Building Materials Corp. of America's (BMCA) proposed $1 billion senior unsecured notes due 2021 based on preliminary terms and conditions. The recovery rating is '3', indicating our expectation of meaningful (50% to 70%) recovery in the event of a payment default. At the same time, we lowered our issue-level rating on BMCA's existing $250 million 7.0% senior secured notes due 2020 to 'BB+' (Same as the corporate credit rating) from 'BBB'. We revised the recovery rating to '3', indicating our expectation of meaningful (50% to 70%) recovery in the...
Companies mentioned in this report are: Building Materials Corp. of America
Action: New Rating
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