Industry Report Card: Efficiency Gains Should Keep The U.S. Building Materials Sector On An Even Keel in 2011, Despite Low Demand Jan 11
Standard & Poors, January 2011
Abstract
In Standard & Poor's Ratings Services' view, credit quality in the U.S. building materials sector is likely to remain stable in 2011 despite our expectations for continued weak construction activity. That's partly because most companies in the sector have already lowered their costs, which we think will allow them to continue to navigate an extended period of overall lower demand. As a result, we expect the operating performance of the companies we rate in this sector to generally remain flat, or improve modestly, over the next few quarters. In addition, we expect most companies to remain cash flow positive and maintain adequate liquidity to meet near-term obligations and to fund possible working capital growth should markets recover. In our view,...
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.
- Guardian Industries Corp.
- Holcim (U.S.) Inc.
- Masco Corp.
- Nortek Inc.
- Owens Corning
- Holcim (Canada) Inc.
- Stanley Black & Decker Inc.
- USG Corp.
- Interface Inc.
- Building Materials Corp. of America
- Contech Construction Products Inc.
- Martin Marietta Materials Inc.
- Atrium Cos. Inc.
- Tandus Flooring Inc.
- Henry Co. LLC
- Texas Industries Inc.
- Mohawk Industries Inc.
- Builders FirstSource Inc.
- NCI Building Systems Inc.
- Interline Brands Inc.
- Valmont Industries Inc.
- Lennox International Inc.
- Headwaters Inc.
- Ply Gem Industries Inc.
- AMH Holdings LLC
- Norcraft Holdings LP
- The Tensar Corp.
- Gibraltar Industries Inc.
- IPS Corp.
- Votorantim Cement North America Inc.
- Roofing Supply Group LLC
- Jacuzzi Brands Corp.
- Specialized Technology Resources Inc.
- Vulcan Materials Co.
- Masonite International Corp.
- Goodman Global Group, Inc.
- Summit Materials Cos. I LLC
- Clopay Ames True Temper Holding Corp.
- New Enterprise Stone & Lime Co. Inc.
- AS America Inc.
- CPG International Inc.
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