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S&P lowers Entergy New Orleans
Standard & Poor's said it lowered its corporate credit rating on Entergy New Orleans Inc. to D from CCC+, reflecting the company's voluntary petition for bankruptcy protection filed on Sept. 23.
The agency also said it lowered its rating on Entergy New Orleans' first mortgage bonds to CC from CCC+ and the rating remains on CreditWatch with negative implications pending further clarity regarding the likelihood of nonpayment on these obligations.
S&P noted the ratings on parent Entergy Corp. (BBB/Watch negative) and all other affiliates remain on CreditWatch with negative implications.
Entergy New Orleans' bankruptcy filing is in response to the unit's near-term liquidity needs and restoration costs from Hurricane Katrina, currently estimated at between $325 million to $475 million, S&P said.
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