S&P lowers Areva's long-term rating

Standard and Poor's said it had lowered its long-term rating for French nuclear company Areva by two notches due to much higher than expected debt in 2014Standard and Poor’s said Thursday it had lowered its long-term rating for French nuclear company Areva by two notches due to much higher than expected debt in 2014. Areva’s long-term rating was dropped from BB+ to BB- while its short-term rating remained at B. The ratings by S&P carry a neutral outlook, which means they could be either raised or lowered over the medium term. Areva confirmed Wednesday record net losses in 2014 of 4.8 billion euros ($5.3 billion) after it was forced to absorb costs linked to delays to its flagship next-generation reactor. Areva has taken a particular hit in the past year from delays in building its Olkiluoto 3 nuclear plant in Finland, as well as difficulties with its renewable energy contracts.

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