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Fitch raises Vulcan Materials
Fitch Ratings said it raised the ratings of Vulcan Materials Co.’s, including the company’s long-term issuer default rating to BBB from BBB-.
“The upgrade to BBB reflects the company’s improving financial and credit metrics, including Fitch’s expectation that total debt to operating EBITDA will settle at the low end of management’s target of 2x-2.5x and Fitch’s expectation that Vulcan will maintain these credit metrics through the cycle,” the agency said in a press release.
Vulcan performed significantly better than Fitch’s base case forecast at the beginning of the pandemic and has met Fitch’s positive rating sensitivities for the BBB IDR, the agency said.
The outlook is stable.
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