S&P rates Standard notes BBB-

Standard & Poor’s said it assigned a BBB- rating to Standard Industries Inc.’s proposed $650 million senior unsecured notes.

The proceeds will be used to partially fund the proposed acquisition of Icopal Holdings, S&P said.

The company’s BBB- corporate credit rating reflects its strong business risk profile, long-term customer relationships and position as one of the largest North American producers of roofing shingles, the agency said.

The ratings also consider its strong business risk profile, geographic diversity and further penetration into commercial roofing markets that will be added as a result of the acquisition, S&P said.

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