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Research Update: NRG Energy Outlook Revised To Negative, 'BB-' Rating Affirmed; Proposed $2 Billion Unsecured Notes Rated 'BB-'
Standard & Poors, May 2011
The outlook on NRG Energy's corporate credit rating has been revised to negative. NRG Energy's 'BB-' corporate credit rating has been affirmed. Proposed senior unsecured notes have been assigned a 'BB-' rating. The outlook revision reflects a weaker forward-looking EBITDA profile and, consequently, prospects for a weaker financial profile. On May 10, 2011, Standard & Poor's Ratings Services revised the outlook to negative from stable and affirmed the 'BB-' corporate credit rating on NRG Energy Inc. (NRG).-At the same time, we also assigned our 'BB-' rating to the proposed $2 billion senior unsecured notes maturing in 2019 and 2021. The recovery rating on the senior unsecured notes is '3'. The proceeds, along with $400 million in cash, will be used...
Companies mentioned in this report are: NRG Energy Inc.
Action: New Rating
Action: Outlook: Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
NRG Energy Inc.