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S&P: Martin Marietta stable
Standard & Poor's said it revised the rating outlook on Martin Marietta Materials Inc. to stable from negative and affirmed the ratings on the company, including the BBB+ corporate credit rating.
Thee outlook revision reflects the expectations that Martin Marietta's credit measures, which strengthened over the past year due to debt reduction, should remain in a relatively narrow range over the next two years until aggregates volumes begin to return to more historical levels, with more substantial improvement beginning in 2013, the agency said.
The outlook revision also incorporates the expectation that the company will maintain its adequate liquidity, which was recently bolstered by new revolving credit and term loan facilities, which refinanced maturing debt and extended the company's nearest maturity until 2015, the agency added.
The BBB+ rating on Martin Marietta reflects its strong business risk profile, which benefits from the company's well-established position in the highly fragmented U.S. aggregates industry, good operating margins, geographic sales diversity within the United States and relatively stable cash flows, S&P said.
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