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Moody's may lower Masonite
Moody's Investors Service said it placed on review for downgrade Masonite Corp.'s corporate family and probability-of-default ratings of B3, and $1.17 billion guaranteed senior secured term loan due 2013 and $350 million revolver due 2011 rated B2 (LGD3, 33%).
Moody's said the review reflects concerns that the company will likely not be in compliance with the debt covenants contained in its credit facility. The company's performance remains under significant pressure as a result of the contraction in the new home construction market and in the repair and remodeling market, the agency added.
The speculative grade liquidity rating was affirmed at SGL-4.
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