Moody's confirms International Power

Moody's Investors Service confirmed International Power's Ba3 senior unsecured rating and maintained the outlook at stable.

Moody's said the action follows International Power's announcement that it intends to initiate a share repurchase program. This is a change to its previous strategy of delivering long term shareholder value by deploying capital in growth opportunities that would provide cash returns.

The retention of the stable outlook reflects the fact that approval from the company's lenders is required for any share repurchase program, which Moody's expects to have a minimal impact on the company's financial profile. Future rating changes may occur if there is a sustained repayment of capital to shareholders.

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