Fitch Affirms GenOn Mid-Atlantic's Ratings; Withdraws GenOn North America's Ratings.
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
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|Comment:||Fitch Affirms GenOn Mid-Atlantic's Ratings; Withdraws GenOn North America's Ratings.|
|Date:||May 6, 2011|
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