Foster Wheeler AG, the global engineering and construction contractor, announced yesterday that its official corporate credit rating has improved.
The company has won an increased investment-grade rating from Standard & Poor’s (S&P). The company’s previous rating of ‘BB+’ has been upped to 'BBB-'.
The company was pleased by S&P’s decision. Franco Baseotto, Executive Vice President and Chief Financial Officer and Treasurer, commented, $quot;We are pleased that Standard & Poor's has recognized the company's continuing commitment to outstanding operating performance and the prudent financial management reflected in the strength of our balance sheet. One immediate benefit of this is that it further reduces the cost of our recently amended U.S. credit facility.$quot;