Fitch Downgrades Martin Marietta Materials' IDR to 'BBB-'; Outlook to Stable
Fitch Ratings has downgraded Martin Marietta Materials, Inc.'s (NYSE: MLM) ratings, including the company's Issuer Default Rating (IDR), to 'BBB-' from 'BBB'. Fitch has also removed Martin Marietta's ratings from Rating Watch Negative. The Rating Outlook is Stable. A complete list of rating actions follows at the end of this press release.
Fitch had originally placed the company's ratings on Watch Negative in December 2011 following Martin Marietta's proposed business combination with Vulcan Materials Company (NYSE: VMC). On May 14, 2012, the Court of Chancery of the State of Delaware entered a final order and judgment enjoining Martin Marietta for a period of four months from taking steps to acquire control of VMC's shares or assets. The Delaware Supreme Court affirmed the Court of Chancery decision on May 31, 2012. In accordance with the order, Martin Marietta terminated its exchange offer for VMC shares and proxy solicitation to elect four nominees to the board of directors of VMC. Fitch will likely put the company's ratings back on Watch Negative should Martin Marietta re-initiate its bid for VMC.
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