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NOTES

November 25, 1987

Noting that Fluor Corp. has undergone major restructuring, Moody's Investors Service has raised the rating to BA1 from BA2 on Fluor's notes, pollution control and industrial revenue bonds, and Eurodebt. About $226 million in long-term debt is affected by the rating change. Moody's said that Irvine-based Fluor has emerged from recent restructuring steps with a relatively low level of debt and a sound core engineering and construction organization. The company's restructuring included rearranging its coal activities and selling its gold mining operations and domestic zinc business.

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