SAN FRANCISCO (Standard&Poor's) May 10, 2011--Standard&Poor's Ratings Services said today that it revised the outlook to negative from stable and affirmed the 'BB-' corporate credit rating on NRG Energy Inc. (NRG). At the same time, we also assigned our 'BB-' rating to the proposed $2 billion senior unsecured notes maturing in 2019 and 2021. The proceeds, along with $400 million in cash, will be used to refinance the existing $2.4 billion notes maturing in 2016. The first-lien credit facilities carry a recovery rating of '1', and the unsecured notes were assigned a recovery rating of '3'. The 'BB-' corporate credit rating on NRG reflects the company's fundamental exposure to volatile commodity markets balanced by an active
