SNC-Lavalin Group Inc.: Rating Report
DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Senior Debentures rating of SNC-Lavalin Group Inc. (SNC or the Company) at BBB (low) and maintained the Negative trend. On July 24, 2019, DBRS Morningstar downgraded the ratings to BBB (low) from BBB and changed the trend to Negative from Stable, noting the substantially weaker-than-anticipated Q2 2019 results and slower-than-expected recovery in the Company's financial metrics during 2019. This rating confirmation is supported by a relatively better performance during H2 2019, comfortable liquidity position with cash balances of $1.2 billion as at December 31, 2019, and the Company's ongoing efforts to execute the new strategy focusing on engineering service offerings and exiting lump-sum turnkey contracting.SNC-Lavalin Group is an engineering and construction group, and is engaged in the ownership of infrastructure and in the provision of operations and maintenance services. Co.'s segments are: mining and metallurgy, which provide tailored solutions for projects in the aluminum, gold, copper product sectors, among others; oil and gas, which includes projects for oil and gas and resources companies; power, which includes projects and services in hydro, and nuclear and thermal power generation, among others; infrastructure, which include infrastructure & construction, and operations and maintenance; capital, which invest in equity or subordinated debt into projects for public services.
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