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Fluor Corporation -- Moody's downgrades Fluor's senior unsecured rating to Baa2; outlook negative

Moody's Investors Service downgraded Fluor Corporation's ("Fluor") senior unsecured rating to Baa2 from Baa1. At the same time, Moody's affirmed its P-2 unsecured commercial paper rating. "The downgrade of Fluor's rating and maintaining the negative outlook reflects the recent deterioration in its operating results and credit metrics due to project bidding and execution issues and the risk that weaker trends will persist over the next 12 to 18 months," said Michael Corelli, Moody's Vice President -- Senior Credit Officer and lead analyst for Fluor Corporation.