Fluor Corp.'s credit rating on long-term debt was raised Monday by Standard & Poor’s Corp.
The credit-rating agency said the upgrade from A to A+ is based on the diversified engineering and construction company’s strong balance sheet and efficient operations. The company also has a substantial backlog of projects and high cash reserves, according to analysts.
Fluor reported last week that its net income for nine months ended July 31 rose 18% to $165.8 million while revenue rose 10% to $6.7 billion.
The company’s credit rating has been raised three times since the late 1980s, when it stood at a decade-low BBB-. At the time, the company was plagued by poor investments and heavy debt, analysts said.