S&P cuts CLP Holdings

Standard & Poor's said it had lowered its corporate credit rating on CLP Holdings Ltd. to A from A+ and removed it from CreditWatch negative.

The outlook is stable.

The downgrade reflects an increase in business risk as a result of its international diversification efforts and increased debt following the acquisition of merchant energy assets in Australia from SPI Australia Group, S&P said.

However, the agency said the portfolio of assets might bring horizontal integration to CLP Holdings' Australian portfolio, providing a good mix of base-load, mid-merit, and peaking generation in Victoria and South Australia.

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