FLR – Traded CDS 108bps, Base Case iCDS 145bps, Negative Case iCDS 215bps, 2028 4.250% Bond YTW of 5.994%, iYTW of 5.973%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

September 26, 2023

  • Cash bond and CDS markets are now accurately stating FLR’s credit risk, with a YTW of 5.994% relative to an Intrinsic YTW of 5.973%, and a CDS of 108bps relative to an Intrinsic CDS of 145bps. Furthermore, Moody’s is overstating FLR’s fundamental credit risk with its speculative Ba1 credit rating three notches below Valens’ IG4+ (Baa1) credit rating.

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