NRG Energy Inc., NRG Northeast, and NRG South Central Ratings Lowered to 'CCC'; Still on Watch
- ID: 1787192
- August 2002
- Standard & Poors
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
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