S&P places USEC on watch

Standard & Poor's said it placed its ratings on USEC Inc., including its CCC+ corporate credit rating, on CreditWatch with negative implications.

The agency said the CreditWatch listing reflects its assessment that because of a delay and uncertainty surrounding the approval of the company's Department of Energy's loan guarantee application to fund a new, more cost effective technology, USEC and the DOE are negotiating a cost share research, development and demonstration program.

According to S&P, if USEC is unable to secure funding for the program before May 31, it would expect to begin demobilizing the project.

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