S&P downgrades Chesapeake Energy's credit

(AP) NEW YORK - Standard & Poor's is lowering Chesapeake Energy's (CHK) credit rating even further and company shares are down more than 5 percent.

The credit ratings agency believes that Chesapeake is struggling to generate enough cash to pay off its debts as natural gas prices plunge. Standard & Poor's also noted Tuesday the "mounting turmoil" from CEO Aubrey McClendon's personal financial dealings, saying that it could make it tougher for the company to raise money in the future.

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Chesapeake's rating was dropped one notch lower by Standard & Poor's to "BB-," meaning the company " faces major ongoing uncertainties to adverse business, financial and economic conditions."

Shares of Chesapeake Energy Corp. are down 87 cents to $14.65 in midday trading.