S&P may cut Armstrong World

Standard & Poor's said it placed the BB corporate credit rating on Armstrong World Industries Inc. on CreditWatch with negative implications.

The watch follows news that Armstrong's board of directors plans to pursue a recapitalization to pay shareholders a special cash dividend of about $800 million, S&P said.

The proposed refinancing and dividend are conditioned on the company's ability to secure the requisite debt financing, the agency said.

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