S&P: SRE Group view negative

Standard & Poor's said it revised the outlook on SRE Group Ltd. to negative from stable and affirmed its long-term corporate credit rating at B+.

The agency also lowered the $200 million senior unsecured notes due 2013 to B from B+.

"The outlook revision reflects SRE's disappointing property sales in 2008 and a likely further weakening of sales in 2009," S&P analyst Christopher Lee said in a statement.

"The issue rating was lowered because of SRE's sustained high level of priority debt," Lee added.

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