S&P assigns BB+ to Building Materials notes

Standard & Poor’s said it assigned its BB+ issue-level rating to Building Materials Corp. of America’s new $1.1 billion senior unsecured notes due 2024.

S&P assigned a recovery rating of 3 to these notes, indicating that investors can expect meaningful recovery (50% to 70%) on these notes in the event of a default.

The corporate credit rating on the company is BB+. The outlook is stable.

“The corporate credit rating on BMCA reflects our expectations for improving operating results in the company’s roofing products business driven by better-than-expected conditions in the commercial construction markets,” said S&P credit analyst Maurice Austin in a news release.

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