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S&P lowers Fluor
S&P said it downgraded Fluor Corp. to BBB- from BBB on continued negative free operating cash flow.
“Fluor Corp.'s free operating cash flow (FOCF) will likely remain negative in 2020,” the agency said in a news release.
The agency lowered the issue-level ratings on the company's unsecured debt to BBB- from BBB and the short-term rating on the company to A-3 from A-2.
“The stable outlook reflects the company's large cash balances, which should help it absorb any unexpected working capital swings or further unanticipated operating challenges,” S&P added.
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