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S&P: TXU still on watch
Standard & Poor's said its BBB corporate credit rating on TXU Corp. remains on CreditWatch negative.
Also on watch are TXU's BBB- senior unsecured debt rating and BB+ preferred stock rating.
If TXU follows through with its plan to increase debt in order to repurchase 6 million shares of stock and convert $300 million of its preferred equity to debt, S&P said the rating on the company would fall by one notch.
However, due to an involved discussion with management about the company's financial policy and other credit concerns, S&P said it expects the resolution of the CreditWatch to take a few weeks.
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