Research Update: NRG Energy Inc.'s Senior Secured Credit Facilities Assigned 'BB+' Ratings Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Ratings Services today assigned its 'BB+' rating to NRG Energy's proposed $3.9 billion senior secured credit facilities, consisting of a $1.6 billion term loan maturing in 2018 and a $2.3 billion revolving credit facility maturing in 2016. Both facilities have been assigned a '1' recovery rating. The proceeds will be used to refinance NRG Energy's existing senior secured term loan, revolving credit, and letter of credit (LOC) facilities. The refinancing will eliminate the 50% excess cash flow sweep that exists as part of the term loan. On June 8, 2011, Standard & Poor's Ratings Services assigned its 'BB+' rating to the proposed $3.9 billion senior secured credit facilities at NRG Energy (NRG). The recovery rating is '1',...

Companies mentioned in this report are: NRG Energy Inc.
Action: New Rating

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

NRG Energy Inc.

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