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Fitch rates Masco notes BB+/RR4
Fitch Ratings said it assigned a BB+/RR4 rating to Masco Corp.’s proposed offering of $500 million senior unsecured notes due 2025.
This issue will be ranked on a pari passu basis with all other senior unsecured debt.
Proceeds will be used for general corporate purposes, including repayment of the company's $500 million 4.8% senior unsecured notes maturing on June 15, 2015.
The outlook is stable.
Fitch said the rating reflects Masco’s leading market position with strong brand recognition in its various business segments, the breadth of its product offerings, improving financial results and credit metrics and solid liquidity position.
Risk factors include sensitivity to general economic trends, as well as the cyclicality of the residential construction market, the agency said.
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