S&P gives BB+ to Aecom loan, BB- to notes

Standard & Poor’s said it assigned its preliminary BB corporate credit rating to Aecom Technology Corp. The outlook is stable.

At the same time, S&P assigned a preliminary BB+ issue rating and 2 recovery rating to the company’s proposed senior secured credit facilities. The 2 recovery rating indicates an expectation for substantial recovery (70%-90%) in a payment default scenario.

At the same time, S&P assigned a preliminary BB- issue rating and 5 recovery rating to the company’s proposed senior unsecured notes. The 5 recovery rating indicates an expectation for modest recovery (10%-30%) in a payment default scenario.

S&P said its BB preliminary corporate credit rating on Aecom reflects the company’s participation in the volatile and competitive E&C industry.

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