Moody’s cuts U.S. Concrete, notes

Moody's Investors Service said it downgraded U.S. Concrete, Inc.’s corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD and senior unsecured notes to B3 from B2.

The speculative grade liquidity rating was affirmed at SGL-2.

The outlook remains stable.

Moody’s said the downgrade reflects its expectation that U.S. Concrete's debt leverage will remain higher than originally anticipated when the company was upgraded in December 2016.

At that time, the agency expected the company to maintain adjusted debt-to-EBITDA below 3.5 times even as the company executed on its growth strategies.

U.S. Concrete's adjusted debt-to-EBITDA has consistently been higher than 3.5 times for the past eight quarters, Moody’s said.

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