Moody's drops U.S. Concrete

Moody's Investors Service said it downgraded U.S. Concrete's corporate family rating and probability of default rating to Caa2 from Caa1 and the rating on its senior subordinated notes to Caa3 from Caa2. Its speculative-grade liquidity rating remains SGL-4.

The outlook remains negative.

The downgrades reflect continued volume deterioration of ready-mixed concrete and precast concrete, resulting from weak construction activity across all market segments, Moody's said.

The agency said it believes that non-residential construction will continue to decline in 2010 and ready-mixed concrete prices will weaken.

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