Fitch affirms Fluor; outlook up to positive

Fitch Ratings said it affirmed the ratings for Fluor Corp. and revised the outlook to positive for the following: issuer default rating at A-, senior unsecured bank facilities at A-, senior unsecured notes at A- and commercial paper at F2.

The agency noted that the revision of the outlook to positive reflects Fluor's solid operating performance, low financial leverage, declining write-offs related to cost-overruns on projects, improving liquidity and growing backlog in its oil and gas segment.

The company has the capacity to further build its competitive position and financial profile as it executes on its attractive project portfolio and takes advantage of continued strong demand in the energy sector, Fitch added.

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