Energy Future Holdings Debt Downgraded One Level by Fitch
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Fitch Ratings downgraded the debt of Energy Future Holdings Co., the Texas power company taken private in 2007 in the largest buyout in history. Fitch cut its unregulated subsidiaries to eight levels below junk and said a default appears probable.
Fitch lowered the rating of Energy Future Holdings to CC from CCC, which “implies very high levels of credit risk such that default of some kind appears probable at some point in the future,” the company said in a statement.