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.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections