S&P rates Texas Industries notes BB-, loan BB+

Standard & Poor's said it affirmed its BB- corporate credit rating and other ratings on Texas Industries Inc.

At the same time, the agency said it assigned its BB- senior unsecured debt rating to the company's $250 million senior notes due 2013 and a BB+ bank loan rating and 1 recovery rating to the $200 million senior secured revolving credit facility due 2010.

Proceeds will be used to refinance $600 million of 10.25% senior unsecured notes due 2011.

The ratings reflect the company's aggressive financial profile and its fair business risk profile as a regional producer of cement, S&P added.

The company benefits from being well-established in the two largest U.S. Cement markets and from leading and low-cost positions, the agency noted.

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