Business Services Industry
Second Rating Agency Downgrades Kansas City, Mo.-Area Utility to Junk Status.
Knight Ridder/Tribune Business News, November, 2002
By Mark Davis, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Nov. 16--A second rating agency cut Aquila Inc.'s debt rating to junk status Friday. Aquila said it is prepared to meet any added cash demands that stem from the downgrading.
Fitch Ratings cut Aquila's senior unsecured debt rating to BB from BBB-. The BBB- rating is Fitch's lowest investment grade rating. The company's new BB rating is in the noninvestment grade range, commonly called junk bond status in the market.
Previously, Moody's Investors Service had lowered its rating of Aquila's debt to junk status. Standard & Poor's Corp. currently gives Aquila its lowest investment grade rating.
In a statement released after the rating change, Aquila chief...
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