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NRG Energy Inc.
Standard & Poors, July 2002
NRG Energy Inc. (NRG) is engaged in the development, operation, and ownership of interests in independent power producers, thermal production and transmission facilities, and resource recovery facilities. Now that NRG is a 100% owned subsidiary of Xcel Energy Inc. (Xcel), it is rated based upon the consolidated credit rating of Xcel and all of Xcel's other subsidiaries. Xcel's tender offer was completed in June 2002. The NRG bonds are rated one notch lower than the consolidated corporate credit rating of 'BBB' to reflect the uncertainty of distributable cash to Xcel from NRG. On a stand-alone basis, NRG's credit metrics are weak with highly speculative-grade characteristics. The current rating is contingent on execution of deleveraging the NRG balance sheet. If the...
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
NRG Energy Inc.