S&P rates Fluor notes A-

S&P said it assigned its A- issue-level rating to Fluor Corp.'s proposed $600 million senior unsecured notes due 2028.

“We expect Fluor will use the proceeds from these notes to redeem the company's outstanding 3.375% senior notes due 2021 and for general corporate purposes,” S&P said in a news release.

“Our ratings on Fluor continue to reflect that, despite recent challenges on projects, we expect operating performance to gradually improve and the company to maintain strong liquidity, including meaningful surplus cash balances. We believe credit measures will continue to have headroom at the current rating, with debt-to-EBITDA well below 1.5x and free operating cash flow-to-debt above 40%.”

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