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Gold/Mining/Energy : Dynegy Inc.
DYN 18.50-5.4%Jan 2 9:30 AM EST

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From: Softechie5/27/2002 12:05:20 AM
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Dynegy (DYN-NYSE) by UBS Warburg (27.30, April 25)
We have lowered our rating on Dynegy to Hold from Strong Buy. The reduction reflects the recent string of surprises from the company which have substantially eroded its once industry-leading credibility. In short, we have seen too much, at one time, at the wrong time. Moreover, the rating reflects conflicting signals from management on the ultimate destiny of its telecom unit which … has evolved, in our view, into a distraction for the company and the Street. Finally, the reduction reflects our desire for more clarity on the ratings agencies' views of Dynegy , as all maintain a negative bias toward its debt.
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