S&P: Iberdrola negative

Standard & Poor's said it revised the outlooks of Iberdrola SA and its subsidiaries Iberdrola USA and Iberdrola Renewables Holdings Inc. to negative from stable and affirmed their A- long-term and A-2 short-term ratings.

The outlook revision reflects the view that the group's ability to improve its financial profile may be constrained by likely delays to the receipt of substantial proceeds from the securitization of its Spanish tariff deficit and the potential downside to performance of weak macroeconomic conditions in Spain, S&P said.

The ratings consider the group's geographically diversified operations, strong operating performance and disciplined financial policy to preserve cash and reduce debt.

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