Standard and Poor's Ratings Service has dropped the credit rating for the Spain-based company that owns New York State Electric and Gas because of the economic woes overseas.

The rating agency reviewed Iberdrola's rating because the company generates over half of its revenue from Spain which is currently in a recession.  The worsening economic conditions there are threatening the company's profitability.

Iberdrola owns NYSEG, RG&E, and Central Main Power.

[Associated Press]