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Following on from last Wednesday's 3 notch downgrade of Spain's bond ratings, Moody's credit ratings agency took the step on Friday to downgrade a number of the Country's Utlility companies.
A statement issued by Moody's said how the agency had taken the decision to further reduce the credit ratings of Iberdrola, Enagas and Red Electrica de Espaņa, saying the moves were prompted by this week's downgrade of Spain's sovereign debt.
The agency went on to say how it was cutting the credit ratings of power generator Iberdrola and its British subsidiary, Scottish Power, by one notch each to Baa1 and placing them on review for further downgrade.
Enagas, which owns and operates Spain's natural gas grid; and Red Electrica de Espaņa, operator of the country's power transmission network, had their credit ratings slashed three notches from A2 to Baa2 and were also placed on review for further downgrade.
