The Shakedown Continues
Fitch Ratings has downgraded Constellation Energy Group’s bond rating. Guess why?
Fitch Ratings downgraded Constellation Energy Group Inc.’s bond rating to
BBB- but marked the company’s credit as stable on Friday.
The change, from a BBB rating, makes it more expensive for the company to
borrow money. Fitch’s decision took into account scenarios in which Constellation’s pending deal to sell half its nuclear business would or would not close. The Maryland Public Service Commission is reviewing the sale, to French firm EDF Group for $4.5 billion.
Nicely done Governor O’Malley your reelection bullying just made it even harder on one of the state’s largest employers in the midst of a recession.