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Moody’s cuts Wisconsin Energy
Moody's Investors Service said it downgraded Wisconsin Energy Corp.’s issuer and senior unsecured rating to A3 from A2, junior subordinated rating to Baa1 from A3 and short-term rating to Prime-2 from Prime-1.
This action concludes the review initiated on May 4.
Concurrently, the agency affirmed the ratings of Integrys Energy Group, Inc., including its A3 senior unsecured rating, as well as the ratings of all Wisconsin Energy’s and Integrys' rated subsidiaries.
The outlooks are stable.
Moody’s said the action was triggered by its anticipation that Wisconsin Energy will soon be issuing senior unsecured notes to fund the cash consideration of its expected acquisition of Integrys. The agency understands that this debt issuance, if completed before receiving the last regulatory approval, would include a call option should the merger transaction not occur.
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