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S&P puts Aquila on positive watch
Standard & Poor's said it placed its B-2 short-term corporate credit rating on Aquila Inc. (B/Watch positive/B-2) on CreditWatch with positive implications.
The B long-term corporate credit rating on the company was already on CreditWatch with positive implications, the agency said.
According to S&P, the rating action follows the announcement that Great Plains Energy Inc. (BBB/Watch negative) will acquire 100% of Aquila's common stock.
Great Plains will finance the transaction's cash consideration and the anticipated debt reduction primarily with proceeds from the simultaneous sale of Aquila's non-Missouri utility assets to Black Hills Corp. (BBB-/negative), the agency added.
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