Moody’s could drop Petrofac

Moody's Investors Service said it placed the Baa3 ratings of Petrofac Ltd. under review for downgrade, including the Baa3 long-term issuer rating and the Baa3 rating assigned to the senior unsecured notes.

"The review for downgrade reflects Petrofac's minimal order intake in 2016 which results in a diminished order backlog compared to the beginning of the year," Scott Phillips, Moody's vice president, senior analyst and lead analyst for Petrofac, said in a news release.

"The remaining backlog provides high visibility for 2017 but there is now much higher uncertainty with respect to 2018's revenues."

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