Fitch Credit Analysis: NRG Energy, Inc.NEW YORK -- Fitch Ratings has published a credit analysis on NRG Energy, Inc. (NRG NRG Energy NRG NRG Energy, Inc. NRG Natural Resources Group NRG New Radiancy Group NRG Network Referral Group NRG Network Resource Grapher NRG Numerics Rapporteur Group NRG Neuroprosthetics Research Group NRG notional requirements generator ) available at www.fitchratings.com. Fitch assigned the following ratings to NRG: --$3.575 billion secured term loan B 'BB'; --$2 billion of revolving credit/synthetic letter of credit facilities 'BB'; --$3.6 billion issuance of senior unsecured notes 'B'; --$500 million mandatory convertible preferred stock 'CCC+'. In addition, Fitch assigned NRG a 'B' issuer default rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) with a Stable Outlook to NRG on Jan. 12, 2006, following a review of NRG's pending acquisition of Texas Genco, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (TGN TGN Trans-Golgi Network TGN Tarragona (Catalonia, Spain) TGN Thesaurus of Geographic Names TGN The Good News (Catholic Diocese of Kalamazoo newspaper) TGn Task Group N (IEEE) ). Key credit strengths are the company's attractive mix of low-cost and efficient coal and nuclear base-load capacity, stable cash flow predictability, and manageable environmental capital expenditures. NRG's exposure to natural gas price volatility, the company's high initial debt leverage, and aggressive M&A strategy remain key credit concerns for Fitch. The report provides an overall analysis of the company's credit metrics and financial performance, as well as a discussion of the TGN acquisition. A recovery analysis under a hypothetical default situation is also provided. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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