S&P downgrades Chesapeake Energy's credit

FILE - In a Sept.8, 2009 file photo, Chesapeake Energy Corp. CEO Aubrey McClendon speaks during the opening of a compressed natural gas filling station in Oklahoma City. McClendon said Tuesday, May 1, 2012 that he is giving up the chairmanship of Chesapeake Energy Corp. following shareholder complaints that his personal business interests could conflict with those of the company he runs. The Chesapeake founder will remain as CEO. The company's board said it's searching for a non-executive chairman. (AP Photo, File)
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(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.