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Builders FirstSource Inc. Downgraded To 'CCC', Outlook Negative
Standard & Poors
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
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: Downgraded
Action: Outlook: Negative
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