...NEW YORK (S&P Global Ratings) June 7, 2016--S&P Global Ratings today assigned its '##+' issue-level rating and '1' recovery rating to NRG Energy Inc.'s $2.511 billion senior secured revolver due 2021 and $1.9 billion senior secured term loan B due 2023. Both facilities are being amended and extended with security and covenants being substantially similar to the existing credit facilities (maximum senior secured leverage ratio set at 4.0x and minimum interest coverage ratio set at 1.75x). The '1' recovery rating reflects our expectation of very high (90% to 100%) recovery in the event of default. As of March 31, 2016, NRG had about $9.2 billion of recourse and imputed debt. NRG is a publicly traded independent power producer focused on the wholesale and retail unregulated power business. The '##-' corporate credit rating on NRG Energy is based on our assessment of a fair business risk profile and aggressive financial risk profile. The outlook is stable. For the corporate credit rating rationale,...
