S&P cuts Tutor Perini

S&P said it downgraded Tutor Perini Corp. to B from B+, lowered the rating on its senior unsecured notes to B and dropped the rating on the convertible notes to CCC+.

“The downgrade takes into account Tutor Perini's weaker than previously expected operating performance in 2019 and the spring-forward maturity on the company's revolver. Tutor Perini took two large charges and incurred losses in its specialty contractors segment in 2019. In addition, the company has a spring-forward maturity in December 2020 on its revolver if the company's $200 million convertible notes due 2021 remain outstanding,” said S&P in a press release.

The outlook is negative.

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