Fitch lowers Constellation to near-junk status

Fitch Ratings lowered Constellation Energy Group to the brink of junk status this week nearly eight months after noting the company had an uncertain ratings outlook in the wake of the Electicite de France deal announcement. Fitch cited "weak and inconsistent cash flows" in its downgrade. Constellation has announced that its second-quarter profit fell 95% on a loss from divestitures and falling revenue, the day after Maryland regulators delayed a decision on the company's proposed nuclear joint venture with EDF.