42 minutes ago
The company has Moody's lowest investment grade rating of Baa3 rating.
Fletcher Building has asked ratings agency Moody's to withdraw its credit rating of the company, as it reports continued pressures on its business and looks to cut debt.
The company has Moody's lowest investment grade rating of Baa3 rating, below which is considered a speculative grade and outside the limits for most institutional investment.
Fletcher said it was working to get its net debt into a range of between $400m-$900m, in order to meet "target investment grade credit metrics" and to ultimately transition to a simplified capital structure.
