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S&P puts DI Purchaser on positive watch
S&P said it put all DI Purchaser Inc.’s ratings, including the CCC+ issuer rating, on CreditWatch with positive implications. TopBuild Corp. (BLD) plans to acquire the company.
“The CreditWatch placement reflects our view that DI's credit quality will likely benefit from its acquisition by BLD, which we rate at a higher level than DI. Per the agreement, BLD will acquire the company for $1 billion, which includes its outstanding debt. We will raise our ratings on DI if its debt remains outstanding following the acquisition. Alternatively, we will likely discontinue our ratings on DI if BLD retires its debt,” S&P said in a press release.
The agency said it aims to resolve the CreditWatch at or near the deal’s close.
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