Jan. 7, 2011 – Morningstar is initiating credit coverage of Vulcan Materials VMC with an issuer rating of BB.
While we view certain structural qualities of the aggregates industry as credit enhancing (i.e., low value/weight ratio and permitting difficulties engender stiff barriers to entry), Vulcan's hefty leverage and the extremely weak U.S. construction environment prevent us from assigning it an investment grade rating. | READ MORE
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