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S&P: AmerenEnergy lowered, on negative watch
Standard & Poor's said it lowered its corporate credit and senior unsecured debt ratings on AmerenEnergy Generating Co. to BB- from BB and placed the ratings on CreditWatch with negative implications. The 3 recovery rating on AmarenEnergy's senior unsecured debt is unchanged.
"We view AmerenEnergy Generating Co.'s recently disclosed projected inability to borrow additional funds from third parties as of April 2013 as a material ratings constraint," said S&P credit analyst Gabe Grosberg in a news release.
Absent AmarenEnergy's ability to borrow from third parties, the company would most likely not be able to absorb high-impact, low-probability events without parental support, S&P said.
Unless management presents a very credible plan to avert this scenario, the agency said it would revise its assessment of the company's liquidity to "less than adequate" from "adequate," which would lead to a further downgrade.
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