S&P Places Martin Marietta Materials (MLM) on CreditWatch Negative

Standard & Poor's Ratings Services said it assigned its 'BBB' issue-level rating to Martin Marietta Materials Inc.'s (NYSE: MLM) proposed senior unsecured notes and placed the rating on CreditWatch with negative implications. Martin Marietta's ratings, including the 'BBB' corporate credit rating, remain on CreditWatch with negative implications where they were placed on Jan. 28, 2014, after the company announced it had reached an agreement to acquire Texas Industries for roughly $2.7 billion.

The Raleigh, N.C.-based aggregates company expects to issue a total of $700 million of senior unsecured notes consisting of floating rate senior notes due 2017 and fixed rate senior notes due 2024. Net proceeds will be used to repay $650 million of Texas Industries Inc. debt when Martin Marietta acquires that company, which we expect to occur in the third quarter of 2014.

We will resolve the CreditWatch listing when the acquisition closes. If this occurs without substantial additional debt, such that leverage is preserved below 4x pro forma EBITDA, we would expect to affirm and remove our ratings from CreditWatch and assign a stable outlook to the company.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• PMGC Holdings Inc. [NASDAQ: ELAB] Reports Q2 2026 Results and Files Form 10-Q; Total Assets Reach $36.6 Million, Up 184% from Year-End 2025 and 290% Year-over-Year, as Quarterly Revenue Nearly Doubles
• Form 8.3 -DCC plc