Moody’s rates Vulcan Materials notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to Vulcan Materials Co.’s senior unsecured notes of at least $500 million due 2030.

Proceeds will be used to repay all the outstanding floating-rate notes due 2020 and floating-rate notes due 2021.

“The proposed notes offering will result in Vulcan’s adjusted debt to EBITDA increasing to 3.3x on a proforma basis from 2.7x at Dec. 31, 2019. The added leverage is somewhat mitigated by the company’s enhanced liquidity following the issuance,” Moody’s said in a press release.

Vulcan’s existing ratings and stable outlook remain unchanged, the agency said.

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