S&P cuts Building Materials

Standard & Poor's said it lowered Building Materials Corp. of America's corporate credit rating to B+ from BB-. All ratings remain on CreditWatch with negative implications, where they were placed on Jan. 10.

The downgrade reflects the material weakening of the company's overall financial profile due to the challenging operating conditions in the company's primary markets, mainly in the residential repair and remodeling sector, the agency said.

The issuer has a debt-to-EBITDA ratio in excess of 7 times, the agency said.

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