S&P may cut Progress Energy

Standard & Poor's said it placed the BBB+ corporate credit ratings and long-term debt ratings of Progress Energy Inc. and subsidiaries on CreditWatch with negative implications.

The watch reflects the decision by the Florida Public Service Commission to drastically cut a requested base rate increase for subsidiary Florida Power Corp.

The lower-than-expected revenues combined with continued economic sluggishness in the state are likely to impede the company's ability to achieve the improved credit metrics needed to support current ratings, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.