S&P rates Summit Materials notes BB

S&P said it assigned its BB issue-level and 4 recovery ratings to Summit Materials LLC’s proposed $700 million of senior notes due 2028. The 4 recovery rating reflects S&P’s expectation of average (30%-50%, rounded estimate: 30%) recovery in the event of default.

The company will use the proceeds to redeem all $650 million of its 6.125% senior notes due 2023.

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