S&P: URS remains on watch

Standard & Poor's said its ratings on URS Corp. remain on CreditWatch with negative implications, where they were originally placed on May 29.

Upon completion of the company's acquisition of competitor Washington Group International Inc., the agency said it will lower the corporate credit rating on URS by one notch, to BB from BB+.

The outlook would be stable.

According to S&P, the ratings on URS reflect the company's aggressively leveraged financial risk profile, marked by the company's history of engaging in large, debt-financed acquisitions while this is partially mitigated by the firm's satisfactory business risk profile, marked by leading positions in engineering and design, broadly diversified end-market exposure and increased scope of operations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.