S&P lowers Areva's long-term rating

Standard 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.
The mostly state-owned company said it would recoup savings worth around one billion euros over the next few years and announce a financing plan by the end of March.
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.
The company, 87-percent owned by the French state, has suffered in recent years as interest in nuclear power has cooled following the 2011 Fukushima catastrophe in Japan.