Moody’s upgrades U.S. Concrete, notes

Moody's Investors Service said it upgraded the corporate family rating of U.S. Concrete, Inc. to B2 from B3, its probability of default rating to B2-PD from B3-PD and its company's senior secured notes to B3 from Caa1.

The speculative grade liquidity rating is unchanged at SGL-2.

The outlook is stable.

Moody’s said the B2 corporate family rating is supported by U.S. Concrete's position as one of the nation's largest ready-mixed concrete producers, its solid market position within the regions it serves and long standing customer relationships. Fundamentals are modestly improving in the private non-residential commercial and industrial market segments, which represent over half of the company's total revenue, as well as private residential market segment, which represents about 20% of revenue.

Adjusted debt to EBITDA declined to 4.3 times for the last 12 months Sept. 30, 2014 from 5.8 times at year-end 2013 from improvement in EBITDA. Adjusted EBIT interest coverage also improved to 1.9 times at LTM Sept. 30, 2014 from 1.7 times at year-end 2013.

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