Moody’s could lower Petrofac

Moody's Investors Service said it placed Petrofac Ltd.’s Baa2 issuer rating and Baa2 senior unsecured notes rating on review for downgrade following the announced losses in major projects in its portfolio.

The review was triggered by Petrofac's announcement of an incremental loss of $195 million (£130 million) on the Laggan-Tormore project that has still not been completed. This follows on from its initial announcement earlier in the year of losses on that project as well as an impairment charge on the Greater Stella development in its IES business.

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