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BULLETIN: NRG Energy Inc. Claims Compensation From Eesti Energia AS for Failed Acquisition
Standard & Poors, Aug 2002
Abstract
Standard & Poor's Ratings Services said today that its ratings on Estonia-based electricity utility Eesti Energia AS (A-/Stable/--) would remain unchanged in response to the lawsuit filed on Aug. 21, 2002, in the U.K. against the company by U.S.-based NRG Energy Inc. (NRG; B+/Watch Neg/--). NRG is claiming compensation of at least -100 million ($157 million) for the cancellation in 2001 of the intended sale of a 49% stake in Eesti Energia's oil shale generation units to NRG. There is significant uncertainty over the validity of the claim and the outcome of the lawsuit. The negative financial implications for Eesti Energia could be substantial, however, should NRG be successful in its lawsuit, as this would result in a detrimental impact...
Companies mentioned in this report are: Eesti Energia AS,NRG Energy Inc.
Action: S&P Event
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.
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