S&P Cuts Dynegy Rating to Junk Status
On July 22, Standard & Poor's Rating Services lowered its long-term corporate credit ratings of Houston, Texas–based energy provider Dynegy (DYN ) and its subsidiaries to BB from BBB-. The notching separation between Dynegy's senior secured and senior unsecured debt reflects the increased use of secured financing that places the unsecured debtholders at a disadvantage. The ratings remain on CreditWatch with negative implications.
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