Standard&Poor's Ratings Services' 'BB-' corporate credit rating on NRG Energy are on CreditWatch, where we placed them with negative implications on July 23, 2012. The CreditWatch listing followed the announcement that NRG and GenOn Energy Inc. have agreed to merge in an all-stock transaction offer at an exchange ratio of 0.1216 shares of NRG for each share of GenOn. According to the merger terms, GenOn will combine with and into an excluded project subsidiary of NRG (a nonguarantor). The CreditWatch listing indicates that we could either lower or affirm the ratings following the completion of our review. NRG had about $11.3 billion of long-term debt as of Sept. 30, 2012. Recourse corporate debt was about $8.05 billion. The
