The 'BB-' corporate credit rating (CCR) on NRG Energy Inc. (NRG) reflects NRG's standalone credit quality and is not reflective of where ratings could go should Exelon be successful in its attempt to acquire NRG. For this reason, all ratings remain on CreditWatch with positive implications. While the key short-term credit driver for NRG is clearly the Exelon acquisition, the outlook on a standalone basis would be stable. On May 22, 2009, Standard&Poor's Ratings Services upgraded the CCR on NRG to 'BB-' from 'B+'. The timing of the upgrade may be seen by many investors as unusual, coming as it does in the midst of a sharp downturn in the fortunes of the IPP sector amidst low gas
