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Moody's downgrades USG
Moody's Investors Service said it downgraded the debt ratings of USG Corp. to B1 to reflect revenue and margin pressure that is being caused by the sharp contraction in the new home construction market and in the repair and remodeling market.
The company's $650 million revolving credit facility, $500 million senior notes due 2016 and $500 million senior notes due 2018 were downgraded to B1 (LGD4, 52%) from Ba2 (LGD4, 56%).
The company's speculative grade rating has been downgraded to SGL-3 from SGL-2.
The outlook remains negative due to the belief that the company's financial performance remains under pressure, the agency said.
The downgrade reflects the contraction in the company's sales, EBITDA and Moody's forecasts for the company's financial performance and overall liquidity, the agency said.
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