S&P lowers TXU

Standard & Poor's said it lowered its corporate credit ratings on TXU Corp. and its units to BBB- from BBB and removed the ratings from CreditWatch with negative implications.

The agency also said it affirmed its BBB- rating on TXU Electric Delivery Co.'s senior unsecured debt in expectation that the company will exercise its right to eliminate the all-away lien on the secured bonds.

S&P also said it revised its business risk profile on the company to 7 from 5.

The outlook is stable.

The rating reflects a generation and retail business that represent about 70% of consolidated cash flow and a low-risk transmission and distribution operation that contributes the remaining 30% of cash flow, the agency said.

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