S&P rates Fluor notes A-

Standard & Poor’s said it assigned its A- issue-level rating to Fluor Corp.’s proposed senior unsecured notes.

Fluor plans to repay borrowings under its $1.7 billion revolving loan and letter-of-credit facility, which the company incurred to finance a portion of the March 1 acquisition of Stork Holding BV, and to redeem the outstanding balance of Stork’s 11% notes due 2017.

S&P’s A- corporate credit rating and stable outlook on Fluor remain unchanged.

S&P said the rating reflects the company’s good credit measures and strong liquidity, along with S&P’s expectation for good near-term operating prospects (which the company’s large backlog supports).

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