Downgraded

Moody’s Investors Service downgraded the credit rating of gas pipeline operator Iroquois Gas Transmission System LP on Wednesday to Baa1 from A3 in reaction to cost overruns associated with the Eastchester Expansion project and liabilities related to power transmission damage that occurred during construction of the project.

Moody’s Investors Service downgraded the credit rating of gas pipeline operator Iroquois Gas Transmission System LP on Wednesday to Baa1 from A3 in reaction to cost overruns associated with the Eastchester Expansion project and liabilities related to power transmission damage that occurred during construction of the project.

Moody’s Investors Service on Wednesday downgraded the long-term debt ratings of the Royal Dutch/Shell Group of companies to “Aa1” from “Aaa,” following a review that began when the oil giant announced a 20% cut to its proven oil and gas reserves.

Moody’s Investors Service on Wednesday downgraded the long-term debt ratings of the Royal Dutch/Shell Group of companies to “Aa1” from “Aaa,” following a review that began when the oil giant announced a 20% cut to its proven oil and gas reserves.

The bears didn’t waste much time Tuesday evening. Minutes after Claudette was downgraded to a tropical storm, traders took the bull by the horns and were able to steer prices in overnight Access trading below key technical and psychological support at $5.00. When the regular, open-outcry session opened Wednesday morning, there was little question which direction prices were headed.

Moody’s Investors Service Wednesday again downgraded the merchant energy arm of Rosemead, CA-based Edison International for about $5.8 billion in debt securities and bank credit facilities. The rating outlook for Irvine, CA-based Edison Mission Energy (EME) and two of its affiliates remains “negative.” Moody’s removed the companies from review for further downgrade.

Moody’s Investors Service downgraded the ratings of Port Huron, MI-based gas utility company SEMCO Energy Inc. to Ba2 from Baa3 and said it was continuing a review for possible further downgrade because of the company’s “very high leverage, weak capitalization, low profitability and cash flow relative to its debt and refinancing risk.” About $534 million in debt was affected.

Moody’s Investors Service downgraded the ratings of Port Huron, MI-based gas utility company SEMCO Energy Inc. to Ba2 from Baa3 and said it was continuing a review for possible further downgrade because of the company’s “very high leverage, weak capitalization, low profitability and cash flow relative to its debt and refinancing risk.” About $534 million in debt was affected.

Moody’s Investors Service downgraded American Electric Power Co.’s (AEP) senior unsecured rating to Baa2 from Baa1, affecting $13 billion of debt, and placed its Prime-2 rating for commercial paper under review for possible downgrade. AEP’s Baa2 long-term rating and the long term ratings of the company’s utility subsidiaries, except Indiana Michigan Power and Kentucky Power, remain under review for possible downgrade. However, Moody’s said that it doesn’t expect AEP’s debt ratings to fall below investment grade.