Moody’s lifts Vulcan Materials

Moody’s Investors Service said it upgraded the corporate family rating of Vulcan Materials Co. to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD and senior unsecured notes to Ba1 from Ba2.

The outlook is positive.

The upgrades reflect continued improvement in Vulcan’s financial ratios resulting from debt reduction and improved operating performance, Moody’s said.

The company’s adjusted debt-to-EBITDA declined to 2.8x for the year-end 2015 from 3.7x at year-end 2014 and 5.2x at year-end 2013, the agency said.

The positive outlook reflects Vulcan’s improving financial ratios and expectations that the construction end markets it serves will continue to improve through 2016, leading to further improvement in key credit metrics, Moody’s said.

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