S&P: Masco unaffected

Standard & Poor's said its ratings and outlook on Masco Corp. (BBB+/stable) are unchanged by the company's announcement that it is lowering earnings expectations for 2006.

The company projects that earnings per share for the full year will be about 5% below the low end of its previous guidance, S&P noted, adding that the lowered expectation results from a significant drop in recent orders related to the decline in housing starts and modest softening in higher-end consumer products.

Facing more difficult industry conditions over the next several quarters, the agency said it expects Masco to continue to focus on cost reductions and moderate capital spending and share repurchases if necessary to maintain its current financial profile.

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