S&P assigns Masco notes, floaters BBB+

Standard & Poor's said it assigned its BBB+ debt rating to the $300 million 5.85% senior unsecured notes due March 15, 2017 and the $300 million senior unsecured floating-rate notes due March 12, 2010 of Masco Corp. (BBB+/stable).

Proceeds from the notes will be used to pay Masco's $300 million 4 5/8% notes due in August 2007 and added to the company's working capital, the agency said.

The ratings on Masco reflect the company's leading market positions in a broad range of consumer products for the home improvement and residential construction markets, S&P said, adding that the company also benefits from good operating profitability and a high level of discretionary cash flow.

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