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Fitch affirms Dynegy
Fitch Ratings said it affirmed the ratings for Dynegy Inc. and Dynegy Holdings Inc. following the announcement of a comprehensive settlement related to shareholder litigation brought by the regents of the University of California as a class action against Dynegy.
The senior unsecured debt at both entities is CCC+, and the outlook remains positive.
Fitch said the settlement, which is subject to federal court approval, provides for a total settlement payment from Dynegy of $468 million, which includes a $250 million cash payment, $150 million provided by insurance and $68 million of common stock.
Fitch rates Dynegy's convertible debentures CCC+ and Dynegy Holdings' secured revolving credit facility and term loan B+, second priority secured notes B, and senior unsecured debt CCC+. Dynegy Capital Trust I's trust preferred stock is rated CC.
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