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Fitch downgrades Ameren
Fitch Ratings said it downgraded the issuer default rating and senior unsecured debt ratings of Ameren Energy Generating Co. to BB+ from BBB.
The outlook is negative.
Fitch also said it affirmed the BBB issuer default rating of Ameren Corp., BBB+ issuer default rating of Union Electric Co. and BBB- issuer default rating of Ameren Illinois Co. The outlook on these entities is stable.
The downgrades reflect weakening cash flows and credit metrics that are not expected to support the previous ratings, Fitch said.
The downtrend is driven by low power prices and compressed energy margins in the Midwest Independent Transmission System Operator region where the company operates its largely coal-fired merchant generating fleet, the agency said.
The negative outlook encompass a view that wholesale power prices and demand will remain relatively weak, Moody's said, along with the potential for higher capital expenditures to meet pending environmental regulations.
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