Standard & Poor’s has downgraded Builders FirstSource, following the Dallas pro dealer’s announcement that it has abandoned plans to refinance its existing debt and extend its revolving credit facility due in 2012.
The New York ratings agency lowered the company’s corporate credit rating from a “CCC+” to a “CCC” and gave it a negative outlook. S&P cited “ongoing weakness in new residential housing markets” and possible liquidity problems over the next several quarters.
