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Builders FirstSource Inc. 'CCC' Rating Affirmed, Issue Rating Lowered To 'CC' From 'CCC-'; Outlook Is Negative Jan 12
Standard & Poors, Jan 2012
Abstract
U.S. building products manufacturer and distributer Builders FirstSource Inc. now has adequate liquidity, having bolstered cash balances with proceeds from a new first-lien term loan. We are affirming our 'CCC' corporate credit rating on Builders FirstSource. At the same time, we are lowering our issue-level rating on the company's unsecured notes to 'CC' from 'CCC-' and revising our recovery rating to '6' from '5'. Our negative outlook reflects our opinion that the extremely difficult operating conditions under which Builders FirstSource operates won't meaningfully abate until 2013 at the earliest. NEW YORK (Standard & Poor's) Jan. 23, 2012--Standard & Poor's Ratings Services said today that it has affirmed its corporate credit rating on Dallas-based Builders FirstSource Inc. At the same time,...
Companies mentioned in this report are: Builders FirstSource Inc.
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative
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.
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