Moody’s drops Amec Foster, notes

Moody's Investors Service said it downgraded Amec Foster Wheeler plc's rating to Ba1 from Baa3and converted the long-term issuer rating into a corporate family rating, in line with the agency's practice for corporates with non-investment-grade ratings.

Consequently, Amec’s senior unsecured medium-term note program was also downgraded to provisional Ba1 from provisional Baa3 and the Baa3 issuer rating was withdrawn.

Moody's assigned a corporate family rating of Ba1 and assigned a Ba1-PD probability of default rating Amec. The corporate family rating, which is typically assigned to speculative-grade corporates, reflects the agency’s opinion on Amec’s ability to honor its financial obligations as if it had a single class of debt and a single consolidated legal entity structure.

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