CMS Energy Corp. and Dynegy Corp. both received encouraging news from two of the credit ratings agencies that have clobbered their debt ratings in the past year. Moody’s Investors Service offered positive news to CMS; meanwhile, Standard & Poor’s Ratings Services (S&P) removed Dynegy from its CreditWatch listing.
Clobbered
Articles from Clobbered
PG&E Reports Loss for 2002; $3.4 Billion in Losses in Merchant Sector
Clobbered by the transfer and sale of various merchant energy assets in the fourth quarter, San Francisco-based PG&E Corp. reported a loss of $874 million, or $2.36/diluted share, for 2002, compared to earnings of $1.099 billion, or $3.02/diluted share, in 2001. The merchant energy unit, PG&E National Energy Group (NEG), booked a $3.4 billion loss in 2002. Without various accounting charges and so-called “headroom” for excess power generation revenues over cost, all lines of business on an operating basis showed a profit, but at lower levels than in 2001.
March 3, 2003
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