On May 10, 2011, Standard&Poor's Ratings Services revised the outlook to negative from stable and affirmed the 'BB-' corporate credit rating on NRG Energy Inc. (NRG). At the same time, we also assigned our 'BB-' rating to the proposed $2 billion senior unsecured notes maturing in 2019 and 2021. The recovery rating on the senior unsecured notes is '3'. The proceeds, along with $400 million in cash, will be used to refinance the existing $2.4 billion notes which mature in 2016. The corporate credit rating on NRG reflects the company's fundamental exposure to volatile commodity markets balanced by an active hedging program and ongoing efforts by the company to reduce the influence of gas price volatility on its cash
