EnergyAustralia rating cut as power fallout spreads

EnergyAustralia has had its credit rating cut to the lowest investment grade amid a spate of outages at coal power plants and the persistent crisis in the electricity grid which is exacerbating a squeeze in its cash position.

Standard & Poor’s downgraded its rating on the Hong Kong-owned generator and retailer to BBB- with a negative outlook, signalling the rating could be cut further if conditions do not improve.