What does "I don't want to ruin the friendship" actually mean?

When a girl tells a guy that she doesn't want to ruin the friendship, does it ever mean exactly what she says it means or this just an excuse to cloak the fact that she is not just attracted to the guy in any way? I got this same reaction from a very close female friend and took it to mean she's not attracted to me at all, not that she valued the friendship too much. Thinking of kicking our friendship to the curb. Can't deal with it.