NEW YORK (Standard & Poor's CreditWire) Nov. 9, 2000--Standard & Poor's today affirmed its triple-'B'-minus corporate credit rating on NRG Energy Inc. The outlook is stable. The affirmation follows NRG's announcement that it has agreed to purchase 5,691 MW of generating assets, which are either in operation, under construction, or in advanced development, from LS Power LLC. The purchase price of the assets is approximately $658 million and will likely be funded through a combination of corporate equity, convertible securities, and corporate debt. Standard & Poor's views the acquisition as credit neutral to NRG since it will be funded primarily with equity or equity-like securities; and because the operating assets themselves are highly leveraged at the project level, they do...
Companies mentioned in this report are:
- NRG Energy Inc.
- Xcel Energy Inc.
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