Home Credit Ratings and Research S&P Global Ratings’ Credit Research NRG Energy Inc.

NRG Energy Inc.

Published May 27, 2009

6500 words — Published May 27, 2009

Price US$ 500.00 | Buy this Report Now

About This Report

Abstract:

The Exelon acquisition offer is the near-term credit driver. A substantially hedged baseload fleet for the next several years provides cash flow stability, which should mitigate the impact of the current merchant downturn. The mandatory 50% cash sweep is expected to result in significant deleveraging. The acquisition of Reliant's Texas retail business is a credit positive on balance. Longer-term prospects for tightening reserve margins remain given lack of new construction. The operating record at its generation fleet is strong and improving. Financial ratios are adequate for the rating level for next few years even under our merchant price assumptions. The liquidity position is strong. There is longer-term cash flow exposure to U.S. merchant power market risks. Operational and counterparty credit

Brief Excerpt:

RESEARCH NRG Energy Inc. Publication date: 27-May-2009 Primary Credit Analyst: Swami Venkataraman, CFA, San Francisco (1) 415-371-5071; swami_venkataraman@standardandpoors.com ( Editor's Note: In the article published May 26, 2009,...

Report Type:

Full Report

Ticker

NRG

Issuer

NRG Energy Inc.

GICS

Independent Power Producers & Energy Traders (55105010)

Sector

Global Issuers

Country

United States

Region

United States

Format:

HTML

Bulletin: NRG Energy Inc.'s Proposed Note Issuance Will Not Affect Ratings – 2009/06/02 – Free

NRG Energy Inc. Proposed $700M Unsecured Notes Assigned 'BB-' Rating – 2009/06/02 – US$ 150.00

Research Update: NRG Energy Inc.'s Proposed $700M Unsecured Notes Issuance Assigned 'BB-' Rating – 2009/06/02 – US$ 225.00

Higher Share Repurchase Plans At NRG Energy Have No Effect On Ratings – 2009/07/08 – US$ 150.00

NRG Energy Inc. Corporate Credit Rating Removed From CreditWatch; Outlook Stable – 2009/07/22 – US$ 150.00

Summary: NRG Energy Inc. – 2009/05/27 – US$ 225.00

NRG Energy Inc. CCR Raised To 'BB-'; Secured Debt To 'BB+', Unsecured Debt To 'BB-' – 2009/05/22 – US$ 150.00

Research Update: NRG Energy Inc. Corporate Credit Rating Raised To 'BB-'; Secured Debt To 'BB+', And Unsecured Debt To 'BB-' – 2009/05/22 – US$ 225.00

NRG Energy Inc.'s Rating Unaffected Following Announcement To Purchase Reliant's Retail Business – 2009/03/02 – US$ 150.00

NRG Energy Inc. – 2008/12/05 – US$ 500.00

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MLA:	S&P Global Ratings’ Credit Research. "NRG Energy Inc." May 27, 2009. Alacra Store. May 26, 2025. <http://www.alacrastore.com/s-and-p-credit-research/NRG-Energy-Inc-732362>

APA:	S&P Global Ratings’ Credit Research. (). NRG Energy Inc. May 27, 2009. New York, NY: Alacra Store. Retrieved May 26, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/NRG-Energy-Inc-732362>

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