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S&P affirms Reliant Energy
Standard & Poor's said it affirmed its corporate credit, issue and recovery ratings on Reliant Energy Inc. and its subsidiaries, Reliant Energy Mid-Atlantic Power Holdings LLC and Orion Power Holdings Inc.
The short-term rating on Reliant Energy has been raised to B-2 from B-3, S&P said.
At the same time, S&P said it assigned its B debt issue rating to Reliant Energy's proposed $700 million secured revolving credit facility due Dec. 22, 2009, proposed $400 million term loan B due Dec. 1, 2010 and proposed $300 million prefunded LOC facility due Dec. 1, 2010.
The recovery rating on these proposed issues is 3.
The rating actions are the result of Reliant Energy's two related transactions, a credit sleeve agreement with Merrill Lynch & Co. Inc. and Merrill Lynch Commodities Inc. and the refinancing and redemption of certain existing debt obligations, S&P said.
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