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S&P cuts Masonite outlook to negative
Standard & Poor's said it affirmed Masonite International Inc.'s B+ long-term corporate credit rating and Masonite International Corp.'s BB- senior secured debt rating.
The outlook was revised to negative from stable, reflecting heightened concerns about the negative affect of rising raw material and energy costs and a management transition.
The ratings reflect the company's high leverage and narrow product focus and its exposure to the cyclical housing and home renovation markets, the agency said.
These risks are partially offset by the company's leading position as the largest door manufacturer in the world and adequate profitability and cash flow generation, S&P said.
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