Deteriorated business conditions, resulting in slower-than-expected earnings have elevated GMS Inc. ?s S&P Global Ratings-adjusted leverage back to the 3x-4x range. Further, we expect these difficult operating conditions, including soft end-market demand, will continue over the next 12 months and believe credit measures could stay at the higher level. Therefore, we revised our outlook on GMS to stable from positive and affirmed our 'BB-' issuer credit rating on the company, as well as the 'BB-' and 'B' issue-level ratings on the company?s senior secured and senior unsecured debt, respectively. The stable outlook reflects our expectations that S&P Global Ratings-adjusted leverage will be sustained at 3x-4x over the next 12 months. Given our view of weakened macroeconomic conditions, we expect overall
