Moody’s downgrades TechnipFMC

Moody’s Investors Service said it downgraded TechnipFMC plc’s ratings, including its issuer rating to Baa3 from Baa2 and the €450 million of unsecured convertible bonds due 2021 as well as the $500 million of senior unsecured notes due 2022 to Baa3 from Baa2.

The agency also placed TechnipFMC’s and FMC Technologies Inc.’s ratings on review for downgrade.

“These actions follow TechnipFMC’s announcement that it is working towards spinning off its Technip Energies segment into a stand-alone public company.

“The spinoff of Technip Energies should result in a smaller, less diversified, and more levered company constituting the remaining businesses,” said Amol Joshi, a Moody’s vice president and senior credit officer, in a press release.

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