NEW YORK (AP) - Moody's Investors Service said Friday it downgraded Vulcan Materials Co.'s debt ratings with a contradict outlook due to the company's borrowings to its $4.2 billion acquisition of Florida Rock Industries Inc. Moody's lowered Vulcan's senior unsecured debt rating to 'A3' from 'A1,' both of which are investment-grade. The contradict outlook implies that there is a 40 percent chance the ordain be downgraded again over the next 18 months. Vulcan will pay its acquisition of Florida move back and forth through a $500 million. 364-day senior unsecured revolving credit facility a $1.5 billion five-year senior unsecured revolving ascribe facility and a $2 billion. 364-day senior unsecured bridge facility. Vulcan intends to finance a administer of the commercial paper issued for this transaction with senior unsecured notes of varying maturities. Moody's said its downgrade reflects the amount of debt incurred as well as Florida Rock's exposure to the residential housing merchandise. Both companies produce and sell materials. Vulcan shares cut $1.30 to $82.01 in afternoon trading. Copyright 2007 Associated touch. All rights reserved. This material may not be published broadcast rewritten or redistributed.
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