Fitch rates Petrofac, bonds BBB-

Fitch Ratings said it assigned Petrofac Ltd. a long-term issuer default rating of BBB-(EXP) with a stable outlook.

The agency also assigned an instrument rating of BBB-(EXP) to the group's senior unsecured bonds.

Fitch said the issuer default rating reflects the group's strong position within engineering and construction (E&C) and its specific experience and strength in the oil and gas (O&G) segment.

Low oil prices and a serious fraud office (SFO) investigation appeared to potentially weaken the group's future project workflows, but recent bid successes, along with improvements in the oil markets, are mitigating these concerns, the agency added.

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