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Moody's rates Martin Marietta notes Baa2
Moody's Investors Service said it gave a Baa2 rating to Martin Marietta Materials, Inc.'s new $2.3 billion senior unsecured notes due 2023, 2031 and 2051.
The proceeds will be used to fund the acquisition of the Lehigh Hanson, Inc.'s West Region, from HeidelbergCement for $2.3 billion in cash.
"With this $2.3 billion notes offering, Martin Marietta will enhance financial flexibility and eliminate market volatility risk by extending its debt maturity schedule and pre-funding the acquisition of the Leigh Hanson, Inc.'s West asset at historically low rates," said Emile El Nems, a Moody's vice president and senior analyst, in a press release.
The outlook remains stable.
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