Moody's assigns Fugro B2, notes B3

Moody's Investors Service said it assigned a B2 corporate family and a B2-PD probability of default rating to Fugro NV, along with a B3 rating to the proposed €550 million of senior secured notes to be issued by Fugro. The outlook is stable.

The B2 CFR assigned to Fugro takes into account the expectation that currently weak credit metrics will gradually improve supported by underlying market growth and a continued repositioning of the company's business towards new markets resulting in a continuously decreasing exposure to the oil and gas industry and an asset lighter operational model.

Moody's said it deems Fugro's Moody's adjusted gross leverage of 5.1x to be high in the context of the B2 rating.

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