S&P affirms Progress Energy

Standard & Poor's said it removed its BBB+ ratings on Progress Energy Inc., Progress Energy Florida and Progress Energy Carolinas from CreditWatch with negative implications. The agency said it affirmed its corporate credit at BBB+ and issue ratings on Progress Energy and its subsidiaries.

The outlook is negative.

Absent other developments, the recent rate order decision in Florida, amid the still weak local economy, will likely delay the improvement in Progress' credit protection measures, S&P said.

The negative outlook reflects pressure on the consolidated credit profile, which further emphasizes the company's aggressive financial profile, the agency said.

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