S&P affirms Martin Marietta Materials

S&P said it affirmed its BBB+ long-term corporate credit rating and its A-2 short-term rating on Martin Marietta Materials Inc.

The outlook is stable.

S&P also affirmed the BBB+ senior unsecured debt ratings based on S&P’s notching guidelines and the A-2 short-term rating on the company's commercial paper program.

At the same time, S&P removed all the ratings from CreditWatch, where S&P placed them, with negative implications, on June 27, 2017, following the announcement of the Bluegrass Materials acquisition.

“The affirmation of the BBB+ corporate credit rating reflects our assessment that Martin Marietta will use its sizable free cash flow to quickly reduce debt leverage to levels supporting the BBB+ rating following its planned debt-financed acquisition of Bluegrass Materials,” S&P said in a news release.

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