S&P downgrades EDF hybrids to junk status

By Geert De Clercq PARIS (Reuters) - Standard & Poor's on Friday downgraded EDF's hybrid debt to non-investment grade, which will make refinancing the French utility's 10 billion euros (£8 billion) worth of hybrids complicated. Standard & Poor's lowered its rating on EDF's junior subordinated hybrid securities by two notches from BBB to BB+, the first level of non-investment grade. Late on Thursday, Moody's also downgraded EDF's perpetual junior subordinated (hybrid) debt one notch