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S&P to review utilities in NY, Maine for downgrade

ALBANY, N.Y. -- Standard & Poor's Ratings Services is warning three U.S. utilities that economic problems in their parent company's home country could endanger their credit ratings.

The rating agency will review Iberdrola's rating for a downgrade because the company gets almost half its revenue from Spain, which is in recession. Worsening conditions there could hurt Iberdrola's profitability.

Iberdrola owns New York utilities Rochester Gas & Electric and New York State Electric and Gas as well as Central Maine Power.

Standard & Poor's currently rates Iberdrola BBB+, three notches above "junk" status. The ratings for its U.S. companies are capped at that level.

Iberdrola is to announce a strategic plan on Oct. 24 and Standard & Poor's said it will revisit the ratings then.

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