S&P puts Energy East on watch

Standard & Poor's said it placed Energy East Corp.'s BBB+ corporate credit rating on CreditWatch with negative implications.

According to S&P, the company's recent filing with the New York Public Service Commission suggests that the ultimate level of support and commitment of parent Iberdrola SA may differ from what is reflected in the current rating.

The company said in the filing that it is experiencing "severe financial difficulties" that have produced a deteriorated liquidity position, the agency said.

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