NEW YORK (Standard & Poor's) Jan. 30, 2004--Standard & Poor's Ratings Services today assigned its 'B+' rating to NRG Energy Inc.'s $475 million 8% second priority senior secured bonds due 2013. The proceeds of the bonds were used to repay the same amount of first priority term loans. NRG emerged from bankruptcy as a separate, reorganized company on Dec. 5, 2003. NRG is engaged in the ownership and operation of U.S. merchant power generating facilities, thermal production and resource recovery facilities, and various international independent power producers. The rating incorporates the following risks: A large percentage of the cash available for debt service is exposed to the U.S. merchant power markets that are experiencing depressed market conditions; There is regulatory...
Companies mentioned in this report are: NRG Energy Inc.
Action: New Rating
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