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S&P ups Specialty Building Products
S&P said it raised its ratings on Specialty Building Products Holdings LLC and its senior secured term loan and notes to B from B-.
“Despite expected slower demand and weaker prices, we believe U.S.-based building materials distributor Specialty Building Products Holdings LLC could maintain adjusted leverage of 6x-7x and EBITDA interest coverage of above 2x over the next 12 months,” the agency said in a press release.
S&P said it forecasts Specialty to post revenue of about $3.5 billion-$4 billion and adjusted EBITDA of about $400 million in 2022, moderating to about $320 million-$350 million over 2023.
The outlook is stable.
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