Duke Energy's credit rating downgraded

July 25, 2012 6:00:48 PM PDT
Standard & Poor's has downgraded Duke Energy's credit rating. They lowered Duke's rating from A- to triple B+.

The credit rating service had placed Duke on credit watch following the CEO switch just after Duke and Progress Energy merged.

In a statement, Duke Energy said they disagree with the S&P's rating action and that they are committed to high credit quality.

Meanwhile, two former Progress Energy shareholders have filed a class action lawsuit against Duke Energy citing the CEO switch.

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