S&P rates Texas Genco notes B

Standard & Poor's said it assigned its B rating to Texas Genco LLC's proposed $1.125 billion senior unsecured notes due 2014. The outlook is stable.

At the same time, S&P affirmed its BB- issuer credit rating on Texas Genco LLC and its BB rating and 1 recovery rating on the proposed $1.625 billion term loan B (upsized from $1.375 billion) and $325 million revolving credit facility.

S&P said the rating actions come as the company announced changes to its proposed capital structure, eliminating the $1.375 billion second lien notes, and instead proposing the senior unsecured notes and allocating $250 million to the term loan B.

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