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Industry Report Card: U.S. Building Materials Companies Can't Repair Weak End Markets Jun 08 Product Image

Industry Report Card: U.S. Building Materials Companies Can't Repair Weak End Markets Jun 08

  • ID: 1723242
  • June 2008
  • Region: United States
  • Standard & Poors

FEATURED COMPANIES

  • ACIH
  • CPG International LLC
  • Headwaters Inc.
  • Lennox International Inc.
  • Owens Corning
  • U.S. Concrete Inc.
  • MORE

Abstract
Standard & Poor's Ratings Services expects the overall credit quality for the U.S. building materials sector to continue to be negative for the remainder of 2008. In addition, we expect the number of potential covenant violations to increase as bank agreements become more restrictive and earnings weaken. The likelihood of debt restructurings, liquidity events, and possible defaults has increased as the malaise of the housing downturn now appears to be having an impact on commercial construction markets. Overall market conditions weakened even further than expected in the first quarter, as elevated raw material and energy costs, declines in residential repair and remodeling activity, some falloff in the commercial construction sector, and bad weather had negative effects on volumes and profitability....

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Armstrong World Industries Inc.
- Black & Decker Corp.
- Guardian Industries Corp.
- Holcim (U.S.) Inc.
- Masco Corp.
- Nortek Inc.
- Owens Corning
- Stanley Black & Decker Inc.
- USG Corp.
- Wolverine Tube Inc.
- Building Materials Corp. of America
- Contech Construction Products Inc.
- Martin Marietta Materials Inc.
- Axia Inc.
- Texas Industries Inc.
- Builders FirstSource Inc.
- NCI Building Systems Inc.
- Building Materials Holding Corp.
- Dayton Superior Corp.
- Interline Brands Inc.
- Valmont Industries Inc.
- Lennox International Inc.
- Headwaters Inc.
- Ply Gem Industries Inc.
- WII Components Inc.
- CPG International LLC
- AMH Holdings LLC
- U.S. Concrete Inc.
- ThermaClime Inc.
- Norcraft Holdings LP
- United Subcontractors Inc.
- ACIH
- The Tensar Corp.
- Gibraltar Industries Inc.
- IPS Corp.
- Jacuzzi Brands Corp.
- Specialized Technology Resources Inc.
- Vulcan Materials Co.
- Goodman Global Inc.

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