S&P rates MasTec note B+

Standard & Poor's said it assigned a BB- corporate credit rating to MasTec Inc. and a B+ rating to its $150 million senior unsecured notes due 2017.

The outlook is stable.

The agency said the ratings reflect MasTec's exposure to the cyclicality of the telecom and utilities industries as well as its significant customer concentration and aggressive financial risk profile, partially offset by the company's competitive and improving operating margins and currently good liquidity.

S&P described MasTec's financial risk profile as aggressive and said that while the company's leverage has improved since 2005 due in large part to January 2006 equity offering, the total debt-to-EBITDA ratio remains in the low-3x area and free cash flow generation has been inconsistent.

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