Fletcher Building's credit rating downgraded by Moody's

Fletcher Building's credit rating has been downgraded by Moody's Ratings from Baa2 to Baa3, with a negative outlook.

The change in rating also applies to the company's medium-term note program.

However, Fletcher Building stated that the amendment will not have a material impact on its cost of funding in the near-term.

The company's acting CEO, Nick Traber, affirmed their commitment to the credit metrics underlying the original rating and expressed the goal of returning to a Baa2 stable outlook over time.