Fitch Rates NRG's $1.1B Senior Notes 'B+/RR3'; Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a rating of 'B+/RR3' on 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 Energy's (NRG) issuance of $1.1 billion senior notes due 2011. This issue will rank equally with NRG's other senior unsecured obligations. The Rating Outlook is Stable. On Nov. 3, 2006, Fitch affirmed NRG's ratings following the company's announcement of its hedge reset transaction (see the rating action commentary 'Fitch Affirms NRG's Ratings Following Announcement of Hedge Reset Transaction,' dated Nov. 3, 2006). Proceeds from the current offering along with cash on hand will be used to fund payments to counterparties under certain of the company's existing long-term hedging agreements pursuant to agreements to reset the hedge price levels into line with current market prices. While this transaction will increase total debt oustanding, it will also substantially increase cash flow for the 2007 to 2010 period, as well as permit the company to enter into further hedges through 2012. NRG owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and Western regions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Its operations include baseload, intermediate, peaking, and cogeneration facilities, thermal energy thermal energy Internal energy of a system in thermodynamic equilibrium (see thermodynamics) by virtue of its temperature. A hot body has more thermal energy than a similar cold body, but a large tub of cold water may have more thermal energy than a cup of boiling production, and energy resource recovery facilities. NRG also has ownership interests in generating facilities in Australia and Germany. Fitch's Recovery Ratings (RR), introduced in 2005, are a relative indicator of creditor recovery on a given obligation in the event of a default. A broad overview of Fitch's RR methodology as it relates to specific sectors, including a Case Study webcast, can be found at www.fitchratings.com/recovery. 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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