Research Update: NRG Energy Inc. Dec 03

Standard & Poors, December 2003

Abstract
On Dec. 9, 2003, Standard & Poor's Ratings Services assigned its 'B+' corporate credit rating to NRG Energy Inc. (NRG). At the same time, Standard & Poor's assigned its 'BB' bank loan rating and its recovery rating of '1' to NRG's proposed $1.2 billion first priority senior secured term loan B and revolving credit facility due 2010 and 2006, respectively. The '1' recovery rating indicates a high expectation of full recovery of principal. Standard & Poor's also assigned its 'B+' rating to NRG's proposed $1.0 billion second-priority senior secured bonds due 2013. Based on its recovery analysis, Standard & Poor's believes that second priority bondholders can expect meaningful recovery of principal. Furthermore, Standard & Poor's assigned its 'B' rating to...

Companies mentioned in this report are:
- NRG Energy Inc.
- Xcel Energy Inc.

Action: New Rating

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.

- NRG Energy Inc.
- Xcel Energy Inc.

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