Credit Suisse (CS) Downgrades Allegheny Energy Inc. (AYE) To Neutral

The Electric Utilities research team at Credit Suisse (NYSE: CS) has downgraded the stock of Allegheny Energy Inc. (NYSE: AYE) to Neutral.

The repeated inability to meet forecasts, a sub – optimal management of commodity costs and a higher rating by the Street are the main reasons cited by the Credit Suisse team led by Dan Eggers for the downgrade. The team feels that the Allegheny Energy Inc. management will have to re-establish its credibility in the market place by overcoming the above mentioned shortcomings before the stock can see fresh interest.