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S&P might lift Building Materials
Standard & Poor's said it placed its ratings, including its B corporate credit rating, on Building Materials Holding Corp. on CreditWatch with positive implications.
On June 3, Building Materials announced its plans to merge with peerbuilding materials distributor Stock Building Supply Holdings Inc. in a proposed stock-for-stock transaction, pending shareholder and regulatory approval.
The company believes the merger will close during its fiscal fourth quarter of 2015.
"Our CreditWatch placement reflects our view that the company's proposed merger with Stock will likely cause us to either raise or affirm the company's ratings, but that any change is contingent upon the success of the merger gaining all required approvals," S&P credit analyst Christopher Andrews said in a news release.
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