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S&P lowers Iberdrola
Standard & Poor's said it lowered the long-term corporate credit and senior unsecured debt rating on Iberdrola SA to BBB from BBB+, along with its subsidiaries Iberdrola USA and Iberdrola Renewables Holdings Inc.
The agency also said it lowered the long-term Mexico national scale issue rating on Iberdrola Finanzas SAU to MxAA+ from MxAAA.
The agency also affirmed the A-2 short-term corporate credit ratings on Iberdrola and Iberdrola USA.
The outlook is stable.
The downgrade reflects a view that, despite its strong emphasis on improving credit quality, Iberdrola's strategic plan for 2012 to 2014 could fail to improve credit ratios, S&P& said.
The agency also said the utility sector has high sensitivity to country risk, even though Iberdrola's risk exposure is considered moderate because the group effectively mitigates its exposure to Spanish country risk.
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