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S&P assigns Reliant Energy notes B-
Standard & Poor's said it assigned its B- rating to the proposed $1.25 billion senior unsecured notes at Reliant Energy Inc.
The proceeds of the notes, along with cash on hand, will be used to pay down the $550 million senior secured notes due 2010, the $550 million senior secured notes due 2013 and the $400 million term loan B, the agency said.
S&P added that the B- rating is one notch below Reliant's corporate credit rating of B, reflecting the notes' subordination to secured debt, including the bank credit facilities.
The B corporate credit rating on Reliant Energy reflects the consolidated credit profiles of the company's retail electricity supply operations, conducted through Reliant Energy Retail and wholesale electricity generation operations, conducted through Reliant Energy Mid-Atlantic Power Holdings LLC and Orion Power Holdings Inc., the agency noted.
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