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S&P: CenterPoint outlook negative
Standard & Poor's said it revised the outlook on CenterPoint Energy Inc., CenterPoint Energy Houston Electric LLC and CenterPoint Energy Resources Corp. to negative from stable and lowered the short-term corporate credit and commercial paper ratings to A-3 from A-2. The BBB corporate credit rating was affirmed.
The outlook revision reflects a persistently aggressive financial risk profile that has not improved as previously expected and pressures CenterPoint's consolidated credit profile, S&P said.
The agency will downgrade CenterPoint and its subsidiaries to BBB- unless the financial risk profile strengthens such that adjusted funds from operations interest coverage consistently exceeds 3.0 times, adjusted funds from operations to total debt exceeds 13% and adjusted debt leverage declines to below 78% during the next 12 to 18 months.
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