Moody's cuts Martin Marietta

Moody's Investors Service said it downgraded Martin Marietta Materials, Inc.'s senior unsecured ratings to Ba1 from Baa3, downgraded its commercial paper rating to Not-Prime from Prime-3.

In addition, the agency said it assigned the company a Ba1 corporate family rating, a Ba1 probability of default rating and an SGL-3 speculative grade liquidity rating. The outlook is negative.

This concludes the review for possible downgrade initiated on December 12.

The agency said the downgrade results from elevated financial leverage, soft interest coverage, liquidity risks and management's willingness to take on greater financial and strategic risk than Moody's previously presumed.

© 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.