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Research Update: GenOn Energy Inc. Assigned Prelim 'B' Corp Cred Rtg; 'BB-' Prelim Rtg Assigned To Sec Cred Facs Sep 10 Product Image

Research Update: GenOn Energy Inc. Assigned Prelim 'B' Corp Cred Rtg; 'BB-' Prelim Rtg Assigned To Sec Cred Facs Sep 10

  • Published: September 2010
  • Standard & Poors

FEATURED COMPANIES

  • GenOn Energy Inc.
  • GenOn Escrow Corp.
  • MORE

Abstract
We are assigning our preliminary 'B' corporate credit rating (CCR) to GenOn Energy Inc. (GenOn), the company that will be formed after the merger of Mirant Corp. (Mirant; B+/Watch Neg/--) and RRI Energy Inc. (RRI; B/Watch Pos/--), and our 'B' CCR to GenOn Escrow Corp. (GenOn Escrow), a 100% subsidiary of Mirant created to issue the $1.4 billion unsecured notes offering. We are assigning our preliminary 'BB-' rating and preliminary '1' recovery rating to the proposed $500 million secured term loan and $1 billion secured revolving credit facility at GenOn. We are assigning our 'B' rating and '4' recovery rating to the proposed $1.4 billion unsecured notes issue at GenOn Escrow. Proceeds will be used to refinance certain indebtedness at...

Companies mentioned in this report are:
- GenOn Escrow Corp.
- GenOn Energy Holdings Inc.
- GenOn Energy Inc.

Action: New Rating
Action: Outlook: Stable

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 READ MORE >

- GenOn Escrow Corp.
- GenOn Energy Holdings Inc.
- GenOn Energy Inc.

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