Another day, another corporate scandal. On Thursday, the target was Westar Energy Inc. Chairman David Wittig, who was indicted by a federal grand jury on charges of money laundering, conspiracy and four counts of submitting false books to a federally insured bank in Topeka, KS.
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Westar Energy Chairman Indicted on Fraud, Conspiracy Charges
Another day, another corporate scandal. On Thursday, the target was Westar Energy Inc. Chairman David Wittig, who was indicted by a federal grand jury on charges of money laundering, conspiracy and four counts of submitting false books to a federally insured bank in Topeka, KS.
S&P’s Credit Assessment of CPUC’s PG&E Bankruptcy Plan Casts Doubt
The credit “assessment,” or opinion of Standard & Poor’s that surfaced Wednesday in the third day of Pacific Gas and Electric Co.’s Chapter 11 bankruptcy confirmation hearings has strengthened the utility’s argument that the competing reorganization plan from state regulators and the official unsecured creditors’ committee will not work in getting the utility back to investment-grade credit ratings. The utility sees it as proof the alternative plan can’t be confirmed by the federal bankruptcy judge.
Cogen Company’s Rating Unaffected by PG&E NEG Uncertainty
Standard & Poor’s Ratings Services said Tuesday that for now its downgrade of PG&E Corp’s merchant energy unit, the National Energy Group (NEG), will not impact the rating of Selkirk Cogen Funding Corp., of which NEG is a part owner, even if the PG&E unit is forced to seek bankruptcy. No announcements were scheduled on NEG’s efforts to improve its balance sheet.
S&P Revises Outlook of TXU and Subsidiaries to ‘Negative’
Despite affirming its “BBB+” rating on Dallas-based TXU Corp., Standard & Poor’s Ratings Services (S&P) said that it has revised the outlook for the electricity and gas provider and its subsidiaries to “negative” from “stable.” The rating agency pointed out that the company has about $18.7 billion in debt outstanding.
Diversification Leads Moody’s, S&P to Cut Peoples’ Ratings
Following similar action taken by Moody’s Investors Service earlier in the week, Standard & Poor’s Ratings Services (S&P) said Thursday that it lowered its corporate credit rating on Peoples Energy Corp. to “A-” from “A+” with a current outlook of stable. The agency noted that Chicago-based Peoples Energy has about $946 million in outstanding debt. In addition, S&P lowered the corporate credit rating on Peoples Energy’s Peoples Gas Light & Coke Co. subsidiary to “A-” from “AA-“.
S&P Downgrades Reliant Resources to ‘Junk’
Cutting the credit rating of Reliant Resources Inc. (RRI) and related entities to “junk” status Friday, Standard & Poor’s Ratings Services (S&P) said the ratings for the companies will remain on negative CreditWatch until debt and credit facility questions can be resolved.
S&P Downgrades Reliant Resources to ‘Junk’
Cutting the credit rating of Reliant Resources Inc. (RRI) and related entities to “junk” status Friday, Standard & Poor’s Ratings Services (S&P) said the ratings for the companies will remain on negative CreditWatch until debt and credit facility questions can be resolved.
S&P Cuts Ratings on NRG to CCC
Xcel Energy subsidiary NRG Energy is fast approaching the basement of junk bond ratings levels. Standard & Poor’s (S&P) lowered its credit ratings to CCC from B-plus last Thursday due to NRG’s urgent need to sell off a massive number of power generation assets in order to meet a $1.3 billion collateral payment deadline of Sept. 13 or convince lenders it will be able to make the payments soon. S&P also lowered its credit rating on NRG Northeast Generating LLC’s bonds and NRG South Central Generating LLC’s bonds to CCC.
CPUC Penalizes Southwest for Poor Storage Management in 2000-2001
The California Public Utilities Commission (CPUC) has determined that Southwest Gas’ failure to store more natural gas or to contract in advance for delivery of natural gas for the winter of 2000-2001 was imprudent. The storage situation in California in winter 2000-2001 was one of the major reasons gas prices at the California border soared to nearly $70/MMBtu.