S&P assigns Vulcan A-

Standard & Poor's said it assigned its A- corporate credit rating to the recently formed Vulcan Materials Co., the new parent holding company for Legacy Vulcan Corp.(A-/stable/A-2), which was itself formerly known as Vulcan Materials Co. and unrated Florida Rock Industries Inc.

S&P said it also assigned its A- rating to the $1.23 billion of senior unsecured debt issued on Dec. 6 by Vulcan in the following amounts:

• $325 million senior unsecured floating-rate notes due Dec. 15, 2010;

• $300 million 5.60% senior unsecured notes due Nov. 30, 2012;

• $350 million 6.40% senior unsecured notes due Nov. 30, 2017; and

• $250 million 7.15% senior unsecured notes due Nov. 30, 2037.

The agency noted that the ratings on Vulcan reflect its leading position in the highly fragmented U.S. aggregates industry, its solid earnings and cash flow and its conservative financial policies while these strengths are tempered by Vulcan's smaller size and more limited scope of operations than those of most other highly rated industrial companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.