S&P puts PPL Energy on negative watch

Standard & Poor's said it placed its BBB corporate credit rating on PPL Energy Supply LLC, a subsidiary of diversified energy company PPL Corp., on CreditWatch with negative implications.

The agency expects to resolve the CreditWatch within the next month.

S&P said it is reviewing PPL Energy's core designation due to the growing trend of diversified energy companies to deemphasize the importance of merchant power operations, the company's decreasing relative size to the parent company and management's public comments to investors that it will seek to maximize shareholder value when contemplating options for the future ownership of PPL Energy.

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