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S&P downgrades Scana
S&P said it lowered its ratings by one notch on Scana Corp. and subsidiaries South Carolina Electric & Gas Co. (SCE&G) and Public Service Co. of North Carolina Inc., including the issuer credit ratings to BBB from BBB+, and placed them on CreditWatch with negative implications.
The agency also revised the assessment of the consolidated business risk profile to strong from excellent and revised the stand-alone credit profile on SCE&G downward to bbb from bbb+ based on a revised business risk assessment.
S&P said the downgrade is due to adverse regulatory developments in South Carolina that have weakened the consolidated business risk profile.
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