S&P cuts Energy Future to D

Standard & Poor's said it lowered its corporate credit ratings on Energy Future Holdings Corp., Energy Future Intermediate Holdings Co. LLC, Energy Future Competitive Holdings Co. LLC and Texas Competitive Electric Holdings Co. LLC to D from CC following their filing for Chapter 11 bankruptcy protection.

The filing affects about $40 billion in various classes of debt.

The actions do not affect the corporate credit rating on Oncor Electric Delivery Co. LLC.

S&P also lowered to D all debt issue ratings that were not already at D.

The recovery ratings on all debt were unchanged. The agency expects to reassess recovery ratings soon to factor in DIP financing that it expects Energy Future Holdings or its subsidiaries to obtain.

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