Moody’s: Amec Foster Wheeler to negative

Moody's Investors Service said it affirmed the Ba1 ratings pertaining to Amec Foster Wheeler plc and changed the outlook to negative from stable.

The affirmed ratings include the Ba1 corporate family rating, Ba1-PD probability of default rating and the provisional Ba1 rating for the senior unsecured medium-term note program.

"While Amec's leverage remains well outside our requirements for the existing rating, the group's plan to dispose of non-core assets should bring credit metrics under control by 2017," Scott Phillips, Moody's vice president, senior analyst and lead analyst for Amec Foster Wheeler, said in a news release.

"Nevertheless, the structural pressures facing the Global Power Group business, the key asset to be sold, increases the execution risk of the disposal plan."

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