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S&P affirms Willbros
Standard & Poor’s said it affirmed the B- corporate credit rating on Willbros Group Inc.
The agency also said it removed the rating from CreditWatch negative, where it was placed March 18.
The outlook is negative.
The affirmation reflects the company’s successful filing of its 10-K annual report with the Securities and Exchange Commission, sale of some assets and use of proceeds to repay debt, S&P said.
The affirmation also considers the amendment from its term-loan lender, giving the company a covenant holiday for 2015 and the first quarter of 2016, the agency said.
S&P also said it expects EBITDA to improve by year-end 2015 after a weak first half of the year.
The rating also takes into account the inherent cyclicality of the engineering- and construction-services sector in which Willbros participates, the agency said.
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