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S&P lowers Specialty Building Products to B-
S&P lowered the issuer credit rating on Specialty Building Products Holdings LLC to B- from B.
At the same time, the agency is lowering its issue-level ratings on its senior secured debt to B- from B.
The outlook is negative.
The Covid-19 outbreak and the recessionary macroeconomic conditions are expected to hamper Specialty Building Products Holdings’ revenues and earnings.
S&P now expects debt to EBITDA will likely remain elevated and deteriorate to over 8x, with EBITDA interest coverage of about 1.5x, levels commensurate with the B- rating.
The negative outlook reflects the risk that leverage and coverage measures could possibly deteriorate further, depending on the impact of recessionary pressures over the next 12 months.
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