S&P rates Dynegy Holdings

Standard & Poor's said it assigned its B- rating to the proposed senior unsecured debt offering at Dynegy Holdings Inc., which will issue $297 million of its 8.375% senior unsecured notes due 2016 in exchange for $419 million principal amount of subordinated debt at Sithe/Independence Power Partners LP.

The agency said that the ratings on Dynegy and its subsidiary, DHI, reflect the company's vulnerable business profile and highly leveraged financial condition, the uncertain financial performance of its nonregulated merchant energy unit and the consolidated creditworthiness of operations belonging to Dynegy and its subsidiaries.

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