Recovery Report: NRG Energy Inc.'s Secured Financing

  • ID: 1787328
  • June 2007
  • Standard & Poors
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The rating on NRG Energy Inc.'s $3.575 billion term loan B and the $1.5 billion first-lien synthetic LOC facility has been revised to 'BB', two notches above the corporate credit rating, from 'BB-'. The recovery rating remains at '1', indicating expectations of very high (90% to 100%) recovery in the event of a payment default. The rating on the $1 billion, delayed-draw term loan B at NRG Holdings Inc. (NHI), a holding company that owns 100% of NRG's equity, remains unchanged, at 'B-', two notches below NRG Energy's corporate credit rating, while the recovery rating has been revised to '6', indicating expectations of negligible (0 to 10%) recovery in the event of a payment default, from '5'. The recovery rating...

Companies mentioned in this report are: NRG Energy Inc.

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: Full Analysis

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NRG Energy Inc.

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