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'BBB-' Rating Affirmed on NRG Energy Inc. $2.9 Billion Senior Unsecured Notes
Standard & Poors, Dec 2001
Abstract
NEW YORK (Standard & Poor's) Dec. 5, 2001--Standard & Poor's today affirmed its triple-'B'-minus rating on NRG Energy Inc.'s approximately $2.9 billion senior unsecured notes. The outlook is stable. The rating affirmation follows NRG's recent announcement that it had entered into a purchase-and-sale agreement with subsidiaries of FirstEnergy Corp. to acquire, for $1.5 billion, 2,535 MW of primarily coal-fired generating assets located in Ohio. Standard & Poor's views the proposed acquisition as credit neutral from a quality of cash flow standpoint. The assets are similar in nature to other assets NRG has purchased in the past. As a result, the quality of the distributable cash available to service corporate level debt should remain the same. From a financing standpoint, NRG...
Companies mentioned in this report are: NRG Energy Inc.
Action: Affirmed
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.
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