NEW YORK (Standard & Poor's) June 24, 2002--Standard & Poor's said today it affirmed its triple-'B'-minus senior unsecured debt rating for NRG Energy Inc. (NRG) and raised its corporate credit rating to triple-'B' from triple-'B'-minus. The ratings were removed from CreditWatch where they were placed with positive implications on Feb. 11, 2002. The outlook is negative. Minneapolis, Minn.-based NRG has about $9 billion in outstanding consolidated debt. "Now that NRG is a 100%-owned subsidiary of Xcel Energy Inc., it is rated based on the consolidated credit rating of Xcel and all of Xcel's other subsidiaries," said Standard & Poor's credit analyst Arleen Spangler. Xcel' s tender offer was completed in June 2002. The company's corporate credit ratings were lowered today...
Companies mentioned in this report are:
- NRG Energy Inc.
- Xcel Energy Inc.
Action: Various Rating Actions
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.