Take it as given now that FBU will do a CR (if required) to maintain its investment grade rating.
https://www.nzherald.co.nz/business/...GISVTWFYEHE3M/
paywalled
Global ratings agency Moody’s has put Fletcher Building on notice for a possible investment rating downgrade as its net debt nears $2 billion to pay for project cost blowouts.
Fletcher Building chief financial officer Bevan McKenzie said in a market announcement on Monday morning the company was committed to keeping its stable rating.
“We will work alongside Moody’s during their review period, demonstrating our commitment to the credit metrics which underpin our rating of Baa2″.
A rating below Baa3 was considered non-investment grade, according to the the ratings scale used by Moody’s.