S&P: Ready Mixed Concrete view stable

Standard & Poor's said its ratings and outlook on Southern Equipment Co. Inc., which does business as Ready Mixed Concrete Co. (B/stable), remain unchanged following the company's announcement that it has completed an offering of $70 million 13½% payment-in-kind holding company notes due 2013 (not rated).

Ready Mixed will use the proceeds to fund a dividend to its shareholders, including its equity sponsor Audax Group, the agency said.

Despite the more aggressive capital structure and dividend, S&P said the relatively strong near-term outlook for Ready Mixed's markets supports the ratings.

However, S&P also said liquidity may be constrained by increasing cement and fuel costs that the company is unable to pass through to its customers.

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