$300 Million of Fluor’s Debt Securities on Watch

About $300 million of Fluor Corp.’s debt securities have been placed on credit watch by Standard & Poor’s in the wake of the Irvine firm’s announcement that it is calling off plans to sell its equipment sales and leasing subsidiary. The rating agency said it is concerned that the engineering and construction company has increased its borrowings significantly to buy back the company’s stock. The company had planned to use proceeds from the sale of its American Equipment Co. unit to repurchase stock.