Fitch cuts Building Materials

Fitch Ratings said it downgraded Building Materials Holding Corp.'s issuer default rating to B+ from BB and senior secured debt rating to BB-/RR3 from BB+.

Fitch also placed the issuer on Rating Watch negative.

The downgrade reflects the difficult U.S. housing environment, current and expected negative trends in operating results and deterioration in credit metrics, the agency said.

The watch reflects exposure to liquidity risk given ongoing discussions with its bank group regarding a permanent amendment to its existing syndicated credit facility, Fitch said.

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