Moody's lowers Willbros Holdings loan

Moody's Investors Service said it lowered the rating on Willbros United States Holdings Inc.'s proposed $475 million bank credit facilities to B2 from Ba3 and withdrew the B3 rating on the proposed $250 million second-priority senior secured notes issue of Holdings' parent, Willbros Group, Inc.

At the same time, Moody's said it affirmed the B2 corporate family rating, the B2 probability of default rating and the SGL-3 speculative-grade liquidity rating of Willbros and repositioned these ratings to Holdings.

The outlook remains stable.

The rating action reflects a further revision to Willbros' financing plan for the acquisition of InfrastruX Group, Inc., the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.