We affirmed our 'BB+' issuer credit rating on independent power producer (IPP), NRG Energy Inc. This review incorporates winter storm Uri's impact on NRG's financial profile. As a result of the financial impact, our deleveraging expectations have decreased to about $350 million. Execution of the integrated strategy through summer 2021 is still key to NRG's ability to delever. Any improvement in credit profile requires ERCOT reforms that mitigate systemic market risks. Our stable outlook reflects a business risk profile of satisfactory and expectations that adjusted debt to EBITDA will range around 3.5x-3.6x on a run-rate basis in 2022. The company now estimates storm-related losses at $975 million. NRG believes that it can implement offsetting measures of at least $275 million
