Recovery Report: Builders FirstSource Inc.'s Recovery Rating Profile
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: Full Analysis
Abstract
We have updated our recovery analysis on building products supplier and manufacturer Builders FirstSource Inc.?s rated debt as a result of the revision to the company's corporate credit rating and the company's announcement that it has withdrawn its proposed $250 million senior secured notes offering. We revised our issue-level rating on the senior secured floating rate notes due 2016, in line with the revised corporate credit rating and our notching guidelines for a '5' recovery rating. We continue to analyze recoveries for Builders FirstSource Inc. on an orderly liquidation basis. Standard & Poor's Ratings Services' analysis reflects the current capital structure: Builders FirstSource Inc. and its domestic subsidiaries are jointly and severally liable for all obligations under the ABL facility...
Companies mentioned in this report are: Builders FirstSource Inc.
Builders FirstSource Inc.
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