U.S. independent power producer NRG Energy Inc. (NRG) has announced deleveraging plans, which involves about $1 billion through 2017. Our reduced forecast of EBITDA resulting from market weakness is essentially offset in financial performance through this deleveraging. We are affirming our 'BB-' corporate credit rating and debt ratings on NRG. The stable outlook reflects our expectation that NRG's corporate level adjusted funds from operations (FFO) to debt will be about 13% to 15%, and debt to EBITDA will be below 5.0x over the next few years. On March 3, 2016, Standard&Poor's Ratings Services affirmed its ratings on NRG Energy Inc., including the 'BB-' corporate credit rating. The outlook remains stable. NRG announced its 2015 financial results this week.
