NRG Energy Inc. 'BBB-' Rating Affirmed
- ID: 1787996
- June 2000
- Standard & Poors
NEW YORK (Standard & Poor's CreditWire) June 28, 2000--Standard & Poor's today affirmed its triple-'B'-minus issuer credit rating and senior unsecured rating on NRG Energy Inc. The outlook is stable. NRG Energy Inc., a majority-owned subsidiary (84% since its IPO was completed in late May 2000) of Northern States Power Co. (NSP, senior secured debt (double-'A'/Watch Neg/'A-1'-plus), is engaged in the acquisition, development, operation of, and ownership of interests in independent power producers, thermal production and transmission facilities, and resource recovery facilities. The triple-'B'-minus rating incorporates the following risks: -- Structurally subordinated debt and high parent company leverage. Recourse debt to recourse capitalization is high at 59% (as of Dec. 31, 1999). Parent company debt is structurally subordinated to more...
Companies mentioned in this report are: NRG Energy Inc.,Northern States Power Co.,New Century Energies Inc.
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