S&P gives Building Materials notes BB-

Standard & Poor's said it assigned a BB- rating, two notches below the corporate credit rating, to Building Materials Corp. of America's proposed $325 million of senior unsecured notes due 2020 based on preliminary terms and conditions.

The agency said it assigned a recovery rating of six to this debt.

S&P noted that it understands that the company will use proceeds from the issuance of the proposed senior unsecured notes to repay all amounts outstanding under the company's existing $325 million junior lien term loan due 2014.

According to the agency, the issue-level ratings on Building Materials' $975 million senior secured term loan due 2014 and $250 million of 7.75% senior secured notes due 2020 remain unchanged at BBB-. The recovery ratings remain at 2.

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