Fitch cuts Aker Solutions

Fitch Ratings said it downgraded Aker Solutions ASA's long-term issuer default rating to BB from BB+.

The outlook is stable.

Fitch said the downgrade reflects its view that operational difficulties related to increased project costs and delays that are negatively affecting the company's financial performance are likely to persist beyond the second quarter of 2013.

The agency said it thinks this jeopardizes the company's ability to deliver its NOK 60.5 billion order backlog even after the cancellation and order book removal of the Cat B contract with Statoil. Additionally, Fitch calculates that the company is experiencing increased costs and project delays in other business areas beyond oil field services that are increasing order intake risks for the remainder of 2013.

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