S&P: Cleco view developing

Standard & Poor’s said it affirmed its BBB+ issuer credit ratings on Cleco Corp. and Cleco Power LLC and the BBB+ unsecured debt rating on Cleco Power.

S&P revised the outlook to developing from stable.

“The company’s completion of its transformation to a utility-only holding company bolsters its credit profile, but simultaneously the company is engaged in a protracted strategic review that could negate the improvements or result in a transaction that could otherwise affect ratings,” said S&P credit analyst Todd Shipman in a news release.

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