Moody’s May Raise Fluor Debt Rating
Moody’s Investors Service said Tuesday that it is considering an upgrade of Fluor’s long-term debt in response to the company’s plan to reduce its borrowings with proceeds from the expected sale of gold mining operations and domestic zinc properties.
An improved risk rating would restore debt securities issued by the Irvine-based engineering and construction firm to “investment grade†status. In March, Moody’s downgraded $390 million in outstanding Fluor debt instruments to a level considered below investment grade.
“We are pleased Moody’s has recognized the company’s significantly strengthened financial position,†Fluor Chairman David S. Tappan Jr. said.
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