Moody's cuts Tutor Perini view to negative

Moody's Investors Service said it affirmed Tutor Perini Corp.'s Ba2 corporate family rating, Ba2 probability of default rating and Ba3 senior unsecured notes rating but lowered the company's speculative grade liquidity rating to SGL-3 from SGL-2 and changed the outlook to negative from stable.

Moody's said the changes reflect Tutor Perini's weaker-than-expected organic earnings coupled with higher-than-expected debt-financed acquisition activity and free cash flow that has been consumptive rather than generative since the ratings were first assigned in October.

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