S&P may cut Constellation Energy

Standard & Poor's said it revised the CreditWatch listing on Constellation Energy Group Inc. and subsidiary Baltimore Gas & Electric Co. to negative from developing.

The revision follows the announcement that Constellation's board of directors has deemed the $4.5 billion amended proposal by Electricité de France International as a superior offer to the merger proposal from MidAmerican Energy Holdings Co. (A-/Watch negative), according to the agency.

The watch indicates that the ratings could be affirmed or lowered depending on the sequence of events surrounding the proposal, the agency said.

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