S&P cuts Constellation bonds

Standard & Poor's said it lowered its ratings on three joint-supported bond issues related to Constellation Energy Group Inc. to AA+/A-1+ from AAA/A-1+ and removed the ratings from Creditwatch with negative implications, where they were placed May 22.

The lowered ratings on the three affected issues are based on the joint credit and liquidity support provided by Constellation Energy Group (BBB-/A-3) and Wachovia Bank N.A. (AA/A-1+) in the form of a loan agreement and a letter of credit, respectively, the agency said.

According to S&P, the rating actions follow the Nov. 2 lowering of its corporate credit rating on Constellation Energy Group to BBB-/A-3 from BBB/A-2 and its removal of that rating from Creditwatch negative, where it was placed Dec. 17.

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