Research Update: NRG Energy Inc. 'BB-' Rating Affirmed On Edison Mission Energy Acquisition Agreement Oct 13
- Language: English
- Published: October 2013
As a consequence of many variables, including compressed spark spreads, regulatory uncertainty, overleverage, and massive trigger events, on May 14, 2003, NRG Energy Inc. (NRG), a wholly owned subsidiary of Xcel Energy, filed a voluntary petition for protection from creditors under the U.S. bankruptcy code. NRG is an energy company that owns and operates power generation facilities in the U.S. and abroad. The 'D' corporate credit rating reflects the bankruptcy filing; however, Standard & Poor's Ratings Services had rated NRG selective default (SD) since September 2002, when NRG had missed payments on several corporate and project obligations. NRG is currently operating as a debtor-in-possession and is working toward a comprehensive corporate and financial restructuring. Before filing its bankruptcy petition, NRG...
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >
NRG Energy Inc.