Research Update: Texas Genco 'BB-' Corporate Credit Rating Affirmed After Acquisition Announcment Oct 05

Standard & Poors, October 2005

Abstract
On Oct. 3, 2005, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on power generation company Texas Genco LLC. The outlook is stable. As of June 30, 2005, the Houston, Texas-based company had about $2.75 billion of debt outstanding. The rating affirmation follows the announcement that NRG Energy Inc. has entered into a definitive agreement to acquire all the outstanding equity of Texas Genco for $5.8 billion. If the acquisition goes forward as planned, Standard & Poor's expects, based on public statements by NRG, that all of Texas Genco's outstanding rated debt will be redeemed. If the transaction does not go forward, Standard & Poor's expects that the ratings on Texas Genco will remain unchanged. However, there...

Companies mentioned in this report are:
- Texas Genco LLC
- NRG Energy Inc.

Action: Affirmed

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.

- Texas Genco LLC
- NRG Energy Inc.

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