S&P puts MMI Products on positive watch

Standard & Poor's said it placed MMI Products Inc.'s B- corporate credit rating and CCC senior subordinated on CreditWatch with positive implications following an announcement by CRH plc that it will acquire MMI for $350 million.

The rating action reflects MMI's acquisition by a larger and financially stronger entity and the expectation that MMI's $200 million of senior subordinated notes will be called for redemption, the agency said.

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