On March 11, 2003, Standard&Poor's Ratings Services assigned its 'BBB+' rating to Public Service Co. of Colorado's $250 million of senior secured notes due March 1, 2013. These notes, along with Public Service Colorado's other debt, are on CreditWatch with developing implications. The rating is one notch above the 'BBB' corporate credit rating because the value of collateral backing Public Service Colorado's secured debt is around 1.5x the total amount of debt that could be issued under the indenture. Public Service Colorado has $2.2 billion of debt outstanding. The ratings on Public Service Colorado remain on CreditWatch with developing implications, pending the outcome of negotiations with creditors of NRG Energy Inc. (D/--/--), a sister subsidiary of parent company
