Overview Key strengths Key risks U.S. roofing manufacturer derives over three-quarters of sales from nondiscretionary repair and replacement. Narrow product focus on roofing shingles within the U.S. market alone, compared with larger, more diverse roofing producers. Adjusted net leverage in the 3.5x area, which supports our rating. Large percentage of sales in U.S. southeast exposes it more to storm-based demand and related revenue volatility compared with direct peers. Ample liquidity with no debt maturities until 2028. Recent C-suite turnover. Aggressive dividend policy, with payouts amounting to almost all its free cash flow. While broader industry dynamics remain uncertain, considering an elevated interest rate environment, we forecast a modest uptick in volume growth for fiscal 2024, propelled by a rebound in
