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NRG Energy Inc., NRG Northeast, and NRG South Central Ratings Lowered to 'CCC'; Still on Watch Product Image

NRG Energy Inc., NRG Northeast, and NRG South Central Ratings Lowered to 'CCC'; Still on Watch

  • ID: 1787192
  • August 2002
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) Aug. 29, 2002--Standard & Poor's Ratings Services today lowered its corporate credit rating on NRG Energy Inc. (NRG) to triple-'C' from single-'B'-plus. At the same time, the ratings on NRG Northeast Generating LLC's bonds and NRG South Central Generating LLC's bonds were also lowered to triple-'C' from single-'B'-plus. The ratings on all three companies remain on CreditWatch with negative implications. "The rating action follows Standard & Poor's view that NRG's liquidity position is severely constrained and even if the banks continue to waive the collateral requirements under the $2 billion construction revolver, NRG would be challenged to meet debt service requirements without significant asset sales," said credit analyst Arleen Spangler. While the company has made...

Companies mentioned in this report are: NRG Energy Inc.,NRG Northeast Generating LLC,NRG South Central Generating LLC
Action: Downgraded

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

NRG Energy Inc.,NRG Northeast Generating LLC,NRG South Central Generating LLC

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