Moody's lifts Foster Wheeler

Moody's Investors Service said it upgraded Foster Wheeler LLC's corporate family and probability of default ratings to Ba1 from Ba2 and affirmed its senior secured bank credit facility rating at Baa2.

The rating upgrade reflects Foster Wheeler's demonstrated ability to obtain and profitably execute key projects at increasing levels of scale despite the persistence of broader industry pressures, the agency said.

According to Moody's, the bank facility has been affirmed despite the upgrade of the corporate family rating due to an increase, albeit modest, in limited recourse project debt, which it has considered to rank pari passu to the senior secured bank facility pursuant its loss-given-default methodology.

The outlook is stable.

Moody's added that the Ba1 corporate family rating considers Moody's strong market position as a leading provider of engineering and construction services primarily to the oil refining, oil and gas, petrochemical and power generation end markets globally.

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