NRG Corp. announced a proposed acquisition of several assets from LS Power Equity Advisors (LS Power), including Lightning Power LLC , as well as Linebacker Power (Electric Reliability Council of Texas natural gas portfolio) and CPower (distributed energy monetization and virtual power plant operator). The total transaction will cost about $12.1 billion, including our assumption of Lightning?s existing $3.2 billion of debt. S&P Global Ratings placed its 'BB-' issuer credit rating on Lightning on CreditWatch with positive implications. We also placed our 'BB' issue-level rating on Lightning?s senior secured debt on CreditWatch with positive implications. The CreditWatch placement reflects our expectation that Lightning will be considered a core subsidiary of NRG upon close of the transaction and thus will have
