S&P: Reliant Energy unaffected

Standard & Poor's said Reliant Energy Inc.'s (B+/stable/B-2) announcement that it has reached an agreement to sell its three New York City power plants for $975 million and use a large portion of the proceeds for debt repayment is favorable for credit quality, but it will not immediately affect the ratings or company outlook.

The agency said the sale is viewed as supportive of Reliant's credit quality and consistent with the company's stated strategy, which includes the sale of assets with the proceeds used to reduce debt leverage.

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