01 December 2000 00:05 [Source: ICIS news]
HOUSTON (CNI)--Moody's Investors Services downgraded Fluor A2long-term and Prime-1 short term debt ratings to Baa2 and Prime-2 on the day Fluor completed its spin off into shares of existing Fluor and a new entity, Massey Energy.
Shareholders at the Aliso Viejo, California-based company formally approved that split on Thursday.
The New York City-based rating agency said it began reviewing Fluor's debt in June, when Fluor announced it would create two legal entities through a reverse merger and spin off.
The "new" Fluor would consist of the traditional engineering, procurement and construction businesses of "old" Flour. The residual coal operations of "old" Fluor would become Massey Energy.
The rating outlook for both Massey and "new" Fluor will be stable, Moody's said.
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