Fitch ups Reliant Energy, rates loans, notes BB-

Fitch Ratings said it upgraded Reliant Energy Inc.'s credit ratings. The outlook is positive

Fitch upgraded Reliant's $1.1 billion outstanding senior secured notes to BB- from B+, senior unsecured debt to B+ from B and $275 million outstanding convertible senior subordinated notes to B from B-.

Fitch also assigned a BB- rating to Reliant's $1.3 billion secured term loan B due 2010, $1.7 billion secured revolving credit facility due 2009 and $750 million 6¾% senior secured notes due 2014.

The rating reflects the successful conclusion of Reliant's global refinancing program and is consistent with Fitch's expected ratings.

The positive outlook reflects the expectation that Reliant's ongoing cost-saving and balance sheet deleveraging initiatives will result in gradual improvement in consolidated credit measures through 2006.

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