NRG Energy Inc.'s Proposed $733 Million Senior Unsecured Notes Due 2029 Rated 'BB' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research

NRG Energy Inc.'s Proposed $733 Million Senior Unsecured Notes Due 2029 Rated 'BB' (Recovery Rating: '3')

NRG Energy Inc.'s Proposed $733 Million Senior Unsecured Notes Due 2029 Rated 'BB' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research
NRG Energy Inc.'s Proposed $733 Million Senior Unsecured Notes Due 2029 Rated 'BB' (Recovery Rating: '3')
Published May 07, 2019
3 pages (1399 words) — Published May 07, 2019
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) May 7, 2019--S&P Global Ratings today assigned its 'BB' issue-level rating and '3' recovery rating to NRG Energy Inc.'s proposed $733 million senior unsecured notes due 2029. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The company intends to use the net proceeds from these notes to retire a commensurate amount of its outstanding debt maturing in 2024. NRG will pay the redemption premium with cash on hand. As of March 31, 2019, NRG had about $6.5 billion of on-balance sheet recourse debt. While the company is targeting a net debt-to-EBITDA ratio of 2.5x by year-end 2019, we also impute over $1 billion

  
Brief Excerpt:

...- General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 - Criteria | Corporates | General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 7, 2016 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - Criteria - Corporates - Industrials: Key Credit Factors For The Unregulated Power And Gas Industry, March 28, 2014 - General Criteria: Group Rating Methodology, Nov. 19, 2013...

  
Report Type:

Ratings Action

Ticker
NRG
Issuer
NRG Energy Inc.
GICS
Independent Power Producers & Energy Traders (55105010)
Sector
Global Issuers
Country
United States
Region
United States
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "NRG Energy Inc.'s Proposed $733 Million Senior Unsecured Notes Due 2029 Rated 'BB' (Recovery Rating: '3')" May 07, 2019. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/NRG-Energy-Inc-s-Proposed-733-Million-Senior-Unsecured-Notes-Due-2029-Rated-BB-Recovery-Rating-3-2227738>
  
APA:
S&P Global Ratings’ Credit Research. (). NRG Energy Inc.'s Proposed $733 Million Senior Unsecured Notes Due 2029 Rated 'BB' (Recovery Rating: '3') May 07, 2019. New York, NY: Alacra Store. Retrieved May 23, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/NRG-Energy-Inc-s-Proposed-733-Million-Senior-Unsecured-Notes-Due-2029-Rated-BB-Recovery-Rating-3-2227738>
  
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