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Moody's cuts Masonite to SGL-3
Moody's Investors Service said it downgraded the speculative grade liquidity rating for Masonite U.S. Corp. to SGL-3 from SGL-2.
The downgrade reflects expectations that slowing sales growth and weak cash flow generation relative to leverage are likely to reduce the company's cushion under its financial covenants, the agency said.
The SGL-3 rating benefits, however, from low capital expenditures and the availability of external liquidity sources, including a $350 million revolving credit facility of which the availability was about $250 million as of Sept. 30.
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