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S&P lowers Duke Energy
Standard & Poor's said it lowered the corporate credit ratings on Duke Energy Corp. and its subsidiaries, Duke Energy Carolinas LLC, Duke Energy Ohio Inc., Duke Energy Indiana Inc. and Duke Energy Kentucky Inc., to BBB+ from A-.
The agency said it lowered the rating on Duke Energy's senior unsecured debt to BBB from BBB+ and lowered the rating on Duke Energy Kentucky's senior unsecured debt to BBB+ from A-.
The agency also said it affirmed the ratings on first-mortgage bonds of Duke Energy Carolinas, Duke Energy Ohio and Duke Energy Indiana at A and affirmed the A-2 short-term ratings on Duke Energy.
The ratings also were removed from CreditWatch, where they were placed with negative implications in July, S&P said.
The agency also said it affirmed the BBB+ corporate credit ratings on Progress Energy Inc. and its subsidiaries, Progress Energy Carolinas Inc. and Progress Energy Florida Inc.
S&P also said it affirmed the BBB rating on Progress Energy's senior unsecured debt and the A ratings on first mortgage bonds of Progress Energy Carolinas and Progress Energy Florida.
The agency said affirmed the A-2 short-term ratings on Progress Energy and its subsidiaries. The ratings also were removed from CreditWatch, where they were placed with developing implications in July.
Following the close of the merger with Duke Energy, Progress Energy is now a wholly owned subsidiary of Duke Energy.
The outlook is negative.
The downgrades reflect the abrupt leadership changes, which have heightened regulatory risk in North Carolina and likely in Florida, along with significantly weakening the company's consolidated excellent business risk profile, S&P said.
These concerns are compounded by the manifestly poor risk management that legacy Duke Energy demonstrated with its Edwardsport project in Indiana, the agency added.
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