S&P: Dynegy on developing watch

Standard & Poor's said it placed its B corporate credit ratings on Dynegy Inc. and Dynegy Holdings Inc. on CreditWatch with developing implications.

The CreditWatch placement follows Dynegy's announcement that it will acquire the assets of LS Power Group, a privately held power plant investor, developer and manager and acquire a 50% interest in a project development joint venture with LS Power, the agency said.

S&P said that there is no material additional debt being issued to finance the asset purchase, adding that the $275 million debt at Dynegy is expected to take the form of a junior subordinated note to LS Power.

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