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Moody’s gives Martin Marietta notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to Martin Marietta Materials, Inc.’s proposed $500 million of senior unsecured notes due 2030. Martin Marietta's other ratings and stable outlook remain unchanged.
Proceeds will be used to refinance the company’s $300 million of floating-rate senior unsecured notes due 2020 and for general corporate purposes.
This transaction will result in the company’s adjusted debt to EBITDA increasing to 2.7x on a proforma basis from 2.5x at Dec. 31, which remains below Moody’s downgrade trigger of 3x.
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