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Fitch Affirms GenOn Mid-Atlantic's Ratings; Withdraws GenOn North America's Ratings.

NEW YORK -- Fitch Ratings has affirmed the 'B+' Issuer Default Rating (IDR) of GenOn Mid-Atlantic, LLC (formerly Mirant Mid-Atlantic, LLC) and the 'BB+/RR1' rating of its lease obligation pass through certificates. Approximately $1 billion of pass through certificates are outstanding. At the same time, Fitch withdraws GenOn North America, LLC's (formerly Mirant North America, LLC) 'B+' IDR and the 'BB/RR1' ratings associated with its bank and term loans. All debts related to this entity were retired following the merger of Mirant Corp. (Mirant) and RRI Energy (RRI) to create GenOn Energy, Inc. ('B' IDR). The Rating Outlook for GenOn Mid-Atlantic, LLC is Stable.

On Dec. 17, 2010, Fitch affirmed the 'B+' IDR of GenOn Americas Generation, LLC, the parent of GenOn North America which in turn is the parent of GenOn Mid-Atlantic. Debt associated with GenOn North America was discharged concomitant with the closing of the Mirant and RRI merger in December 2010 and redeemed on Jan. 3, 2011. Fitch's Dec. 17, 2010 press release inadvertently left off the GenOn Mid-Atlantic affirmation.

On Sept. 22, 2010, Fitch issued a press release detailing the corporate structure and debt alignment, of the new GenOn organization, including the full retirement of debt at the old Mirant.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research: --'Corporate Rating Methodology' (Aug. 13, 2010); --'Fitch's Approach to Rating Competitive Generators' (July 24, 2007); --'U.S. Power and Gas Comparative Operating Risk (COR) Evaluation and Financial Guidelines' (Aug. 22, 2007).

Applicable Criteria and Related Research: Corporate Rating Methodology http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646 Fitch's Approach to Rating Competitive Generators http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=333818 U.S. Power and Gas Comparative Operating Risk (COR) Evaluation and Financial Guidelines http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=338030

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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 ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
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Comment:Fitch Affirms GenOn Mid-Atlantic's Ratings; Withdraws GenOn North America's Ratings.
Publication:Business Wire
Geographic Code:1U2NY
Date:May 6, 2011
Words:473
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