Moody's puts U.S. Concrete on review for upgrade

Moody's Investors Service said it placed U.S. Concrete, Inc.'s B1 corporate family rating, B1-PD probability of default rating, Ba3 senior secured bank facility rating and B3 senior unsecured notes rating on review for upgrade following the announcement that Vulcan Materials Co. (Baa2 stable) had entered into a definitive agreement to acquire U.S. Concrete for $2.1 billion.

In addition, U.S. Concrete's outlook was changed to ratings under review from stable.

Currently, U.S. Concrete has about $800 million of debt outstanding. At the close of the transaction, Moody's anticipates that all debt, which have a change-of-control provision, will be repaid, at which time Moody's said it expects to withdraw all of the company's credit ratings.

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