S&P boosts St. Marys Cement

Standard & Poor's said it raised its long-term corporate credit rating on St. Marys Cement Inc. to BB+ from BB-.

At the same time, S&P said it assigned a BBB- bank loan rating with a recovery rating of 1, adding that the upgrade reflects a proposed restructuring and refinancing that will result in the formation of VCNA, which will own St. Marys Cement, St. Barbara Cement Inc. and several joint venture interests in Florida.

The agency added that the ratings on VCNA will reflect its regional geographic focus and its position as a midsize North American cement producer competing against much larger, diversified competitors.

© 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.