ALBANY, N.Y. — Standard & Poor’s Ratings Services has dropped the credit rating for a Spain-based company that owns three U.S. utilities because of ongoing economic woes overseas.

The rating agency had reviewed Iberdrola’s rating because the company gets almost half its revenue from Spain, which is in recession. Worsening conditions there threaten Iberdrola’s profitability.

Iberdrola owns New York utilities Rochester Gas & Electric and New York State Electric and Gas as well as Central Maine Power.

Its rating fell from BBB-plus to BBB, two notches above “junk” status. The ratings for its U.S. companies are capped at that level.

Standard & Poor’s noted that Iberdrola last month announced a strategic plan that included debt reduction.

Iberdrola’s short term rating stayed at A-2, meaning it has enough cash to meet financial obligations over the short term.