...November 12, 2025 NEW YORK (S&P Global Ratings) Nov. 12, 2025--S&P Global Ratings today assigned its '##+' issue- level rating and 3 recovery rating to CMC's proposed $2 billion senior unsecured notes, which it is issuing in two tranches of eight- and 10-year notes. The 3 recovery rating indicates our expectation of meaningful recovery prospects. The proceeds from the issuance will go toward the recently announced $1.84 billion acquisition of Foley Products Co. LLC and cash to the balance sheet. Our ratings are based on preliminary terms and conditions. We expect leverage will increase above 3x following the acquisitions of Foley Products Co. and Concrete Pipe & Precast (CP&P), both announced this Fall. However, we expect it will decline toward 2.5x over the next 12 months and we affirmed our issuer credit rating on CMC upon announcement last month. The acquisitions establish CMC's foothold in the precast concrete market, expanding its nonsteel product portfolio with complementary offerings...
