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S&P assigns BBB to Martin Marietta Materials notes
Standard & Poor’s said it assigned its BBB issue-level rating to Martin Marietta Materials Inc.’s proposed senior unsecured notes and placed the rating on CreditWatch with negative implications.
Martin Marietta’s ratings, including the BBB corporate credit rating, remain on CreditWatch with negative implications where they were placed on Jan. 28 after the company announced it had reached an agreement to acquire Texas Industries for roughly $2.7 billion.
The company expects to issue a total of $700 million of senior unsecured notes consisting of floating-rate senior notes due 2017 and fixed-rate senior notes due 2024.
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