S&P: Dynegy unaffected

Standard & Poor's said Dynegy Corp.'s (B/negative/--) announcement that it has a material weakness in its internal controls under Section 404 of the Sarbanes Oxley Act will not affect the ratings or outlook on the company.

The material weakness was in connection with tax accounting and tax reconciliation.

S&P said Dynegy has addressed its processes, procedures and documentation to prevent future occurrences.

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