Moody's cuts Scottish and Southern

Moody's Investors Service said it downgraded the backed senior unsecured rating of Scottish and Southern Energy plc to A2 from A1.

The outlook is stable.

The action concludes the review that began on Jan. 8 after the company said it would acquire Airtricity Holdings Ltd. for €1.455 billion.

Moody's said the downgrades reflect its view of the overall credit quality of the group following the acquisition.

Ratings reflect the company's low business risk as well as the existence of substantial inter-company loans from the holding company to its operating subsidiaries, according to the agency.

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