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S&P assigns USG notes BB+
Standard & Poor's said it assigned its BB+ debt rating to the proposed $500 million senior unsecured notes of USG Corp. (BB+/stable), due 2016, to be issued under Rule 144a with registration rights.
Proceeds from the notes offering will be used for debt reduction and general corporate purposes, which include working capital, according to the agency.
S&P added that USG expects total debt, including capitalized operating leases, tax-effected underfunded pension and postretirement benefits and asset-retirement obligations, to be $2.9 billion at year-end 2006.
The ratings on USG reflect the company's leading position in the U.S. gypsum wallboard and ceiling system markets, competitive cost position, flexible capital spending needs and moderate financial policies, the agency said, noting that the ratings also reflect cyclical demand for the company's products.
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