Moody's rates Reliant financing package B1

Moody's Investors Service said it affirmed Reliant Energy's B1 senior implied rating. In addition, Moody's assigned a B1 rating to Reliant's proposed secured financing package which includes a $1.7 billion bank credit facility and a combination of a new term loan B, senior secured notes and fixed-rate, tax-exempt debt.

Ratings have also been affirmed for Orion Power Holdings at B2 senior unsecured and Reliant Energy Mid-Atlantic Power Holdings at B1 senior secured. The outlooks remain stable.

Moody's said the rating reflects Reliant's high business risk profile and modest, although improving, financial flexibility.

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