Texas-based Commercial Metals Co. (CMC) is accessing capital markets to raise approximately $300 million of unsecured notes for general corporate purposes. We assigned our 'BB+' issue-level and '3' recovery ratings to the proposed debt due in 2032. This comes after the company posted record results in fiscal 2021 and recently announced the acquisition of Tensar Corp., a provider of construction ground reinforcement solutions. We also affirmed the 'BB+' issuer credit rating on CMC. The outlook remains stable, indicating our expectation that CMC will continue to balance windfall cash flows with strategic capital allocation in a fiscally conservative manner such that leverage remains at or below 2x EBITDA in 2022. The stable outlook on CMC reflects our expectation that the company
