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S&P lifts Vulcan to positive
Standard & Poor's said it revised the outlook on Vulcan Materials Co. to positive from stable.
The agency also said it affirmed the company's BB corporate credit rating. The 3 recovery rating on the unsecured notes remains unchanged and indicates 50% to 70% expected default recovery.
The outlook revision reflects improved leverage as the company sells its cement and concrete businesses in the Florida area to Cementos Argos for gross cash proceeds of $720 million, S&P said.
Vulcan is retaining all of its aggregates operations in Florida. The proceeds will be used to repurchase $500 million in outstanding debt and purchase aggregates reserves in Southern California for $117 million, the agency said.
In addition, S&P said it expects an improvement in EBITDA as industry fundamentals continue to get better while the company maintains its strong liquidity.
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