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S&P gives Masco notes BBB
Standard & Poor's said it assigned its BBB issue-level rating to Masco Corp.'s proposed $500 million 10-year senior notes.
Proceeds will be used for general corporate purposes, which may include repayment of the $500 million principal amount of its 4.8% notes due 2015, which mature on June 15, 2015.
S&P said the ratings reflect Masco’s "satisfactory" business risk, which incorporates its leading market positions for a broad range of brand-name products in the home improvement and residential construction markets, its extensive and diverse distribution network and its "intermediate" financial risk profile.
The company has also demonstrated an ability to generate free cash flow even during a severe downturn, and it has very prudent financial policies, the agency said.
The ratings also reflect the company's participation in cyclical and competitive markets, current depressed U.S. housing demand and a weak global economy.
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