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NEW YORK - Standard & Poor's Rating Services on Wednesday said it is considering a downgrade of Exelon Corp. after the power producer and utility operator made its buyout offer for NRG Energy hostile by taking it directly to shareholders.
S&P said the Chicago-based company's "BBB" long-term credit rating remains on CreditWatch with "negative implications," meaning a downgrade is possible. S&P considers the "BBB" rating investment grade.
The rating service company also placed its short-term "A-2" ratings on Exelon on CreditWatch with negative implications. S&P expects to make possible changes to the ratings when the transaction is completed or withdrawn.
Earlier Wednesday, Exelon offered shareholders 0.485 of its own stock for each NRG share. The company's initial bid was worth about $6 billion in stock and was rejected earlier this year.
In afternoon trading, shares of Exelon fell $1.18, or 2.6 percent, to $50.77, and shares of NRG shed $1.35, or 5.9 percent, to $21.66. At that stock price, Exelon's offer for NRG would be valued at $24.62 per share.
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