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Bulletin: Tutor Perini Corp. Ratings And Outlook Unaffected By Company's Announcement Of New Credit Facility Aug 11
Standard & Poors, Aug 2011
Abstract
NEW YORK (Standard & Poor's) Aug. 4, 2011--Standard & Poor's Ratings Services said today that its ratings and outlook on Tutor Perini Corp. (BB-/Stable/--) are not affected by the company's announcement that it has amended its credit facility, increasing the revolver to $300 million and adding a $200 million term loan. The company intends to use the proceeds from the term loan to fund recently announced acquisitions and for general corporate purposes. Pro forma for the additional debt and acquisitions, as of March 31, 2011, Tutor Perini's total debt (adjusted for operating leases and pension obligations) to EBITDA ratio was about 2.5x, which we consider adequate for the rating....
Companies mentioned in this report are: Tutor Perini Corporation
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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