U.S.-based American Builders&Contractors (ABC) Supply Co. Inc. is issuing $350 million in senior unsecured notes. We understand that the company will use proceeds from the proposed notes to refinance existing debt. We are affirming our 'BB-' corporate credit rating on ABC Supply Co. and our 'BB+' issue-level rating on the company's $1.25 billion senior secured bank term loan B. The outlook is stable. The '1' recovery rating on the term loan remains unchanged. We are assigning our 'BB-' issue-level rating to the company's proposed $350 million senior unsecured notes based on preliminary terms and conditions. We are assigning a '4' recovery rating to the notes. At the same time, we are raising our issue-level rating on the company's
