S&P rates Texas Competitive Electric DIP loan BB+

Standard & Poor's said it assigned its point-in-time BB+ rating to Texas Competitive Electric Holdings Co. LLC's $4.475 billion DIP credit facility due May 2016.

The DIP facilities that the company has requested court approval of consist of a $1.95 billion revolving credit facility; a $1.425 billion non-amortizing term loan, $800 million of which is available to cash collateralize letters of credit; and a $1.1 billion delayed-draw term loan.

Because the DIP facility rating is a point-in-time rating, it is effective only for the date of this report, and S&P said it will not review, modify, or provide ongoing surveillance of the rating.

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