Moody’s Investors Service Thursday reduced Fluor Corp.’s...

Moody’s Investors Service Thursday reduced Fluor Corp.’s long-term debt rating from A3 to Baa2, saying it took the action because the heavy construction market is expected to remain depressed for some time and “Fluor’s mining business was unlikely to experience a significant recovery in prices.”

Officials at the Irvine-based construction, engineering and natural resources company, said the new ratings should not have much impact because the company does not plan to borrow money in the near future. Moody’s action followed Wednesday’s downgrading of Fluor’s debt rating by Standard and Poor’s Corp.