Moody's cuts Rinker notes to B2

Moody's Investors Service said it downgraded Rinker Materials LLC's senior notes to B2 from B1.

The downgrade reflects the weak consolidated liquidity profile of Rinker and its ultimate parent, Cemex SAB de CV, amid challenging credit market conditions and continued pressure on its operating performance given the global economic downturn and weakness across major markets, according to the agency.

Rinker's rating reflects Cemex's consolidated credit profile due to the companies' operational and financial integration and the cross default clauses in Cemex's existing debt agreements, the agency said.

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