S&P rates Summit notes BB

S&P said it assigned a BB rating to Summit Materials LLC and Summit Materials Finance Corp.'s proposed $300 million senior unsecured notes due 2027.

The recovery rating on the notes is 4, indicating 30% to 50% expected default recovery.

S&P also said it affirmed the BB rating on Summit's existing unsecured debt.

The agency said it revised the recovery rating on Summit's unsecured debt, including its $650 million notes due 2023 and $300 million notes due 2025, to 4 from 3, indicating 30% to 50% expected default recovery.

The BB issuer credit rating and stable outlook on Summit Materials LLC is unchanged.

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