Dallas-based Builders FirstSource recently announced that it decided to cancel its plan to refinance its existing debt and amend and extend its revolving credit facility due 2012. We believe that near-term market conditions will remain difficult because of weak new residential construction activity. We have lowered the corporate credit rating to 'CCC' from 'CCC+' and the issue-level rating on the notes due 2016 to 'CCC-' from 'CCC'. The negative rating outlook reflects the continued weak operating environment and the effect this will have on the company's operating performance, cash flow, and liquidity. NEW YORK (Standard & Poor's) May 4, 2011--Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on Dallas-based Builders FirstSource Inc. to 'CCC'...
Companies mentioned in this report are:
- Builders FirstSource Inc.
Action: Outlook: Negative
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Research type: News
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