NEW YORK (Standard&Poor's) June 24, 2002--Standard&Poor's said today it lowered electric utility holding company Xcel Energy Inc.'s corporate credit ratings to triple-'B'/'A-3' from single-'A'-minus/'A-2' and removed them from CreditWatch. The ratings were placed on CreditWatch with negative implications on Feb. 11, 2002, when management announced that it would acquire the outstanding shares of NRG Energy Inc. (see related media release). The outlook is negative, pending the outcome of management's plan to sell NRG's international assets and a few U.S. assets. The proceeds would be used to reduce debt. Minneapolis, Minn.-based Xcel Energy has about $15 billion in outstanding debt. Until now, Xcel's corporate credit rating has not incorporated NRG's credit profile, based on the implicit understanding
