CENTENNIAL (S&P Global Ratings) April 27, 2021--S&P Global Ratings assigned its 'B+' issue-level rating to American Builders&Contractors Supply Co. Inc.'s (ABC; BB/Stable/--) proposed $350 million senior unsecured notes, with a '6' recovery rating. The '6' recovery rating indicates our expectation for negligible recovery (0%-10%; rounded estimate: 0%) in the event of a payment default. ABC Supply, a U.S. wholesale distributor of building products, will use the notes and $250 million cash on hand to redeem its $600 million senior notes due in 2026. We view the transaction as credit-neutral, as S&P Global Ratings-adjusted leverage is calculated as net debt. We expect ABC's S&P Global Ratings-adjusted debt to EBITDA to remain about 3x in 2021 and 2022. General Criteria:
