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Fitch: Reliant unaffected
Fitch Ratings said it anticipates no change to Reliant Energy, Inc.'s outstanding credit ratings and positive outlook following Monday's announcement of a comprehensive settlement resolving all civil litigation and claims against Reliant arising from the 2000-2001 California energy crisis.
Fitch currently rates Reliant's outstanding debt as follows: senior secured notes, secured term loan B, secured revolving credit facility, and exempt facilities revenues bonds BB-; senior unsecured debt B+; convertible senior subordinated notes B.
The positive outlook for the company reflects the expectation that ongoing cost-saving and balance sheet de-leveraging initiatives will result in gradual improvement in consolidated credit measures through 2006, even under a scenario that assumes limited recovery in current wholesale power market conditions and lower levels of retail energy cash flow performance.
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