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Moody's cuts Masco view to negative
Moody's Investors Service said it revised the outlook for Masco Corp. to negative from stable and affirmed the company's senior unsecured debt rating at Baa1.
The change in outlook follows Masco's announcement of lower expected earnings for fiscal 2006 than previously anticipated, due to a more severe decline in new housing starts, Moody's said.
The negative outlook reflects the declining trend in Masco's operating margins, interest coverage metrics and free cash flow, in part caused by the decrease in new housing starts. In the agency's view, the decline in housing starts indicates the potential for a more severe and longer correction for new home sales, which could further weaken Masco's credit metrics.
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