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Standard & Poor`s Corp. downgraded its ratings on USG Corp.`s senior secured debt to Triple-C-plus from Single-B-plus. Also affected was subsidiary United States Gypsum Co.`s debt and unsecured debt of Chicago-based USG. About $2.4 billion of debt is outstanding, S&P said. ”The downgrade reflects onerous debt-service requirements and prospects for continuing poor earnings and cash flow,” S&P said. ”Despite USG`s preeminence in the gypsum wallboard business, its financial performance is being penalized by ongoing weak prices.”
