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S&P rates NRG Energy notes BB-
S&P said it assigned its BB- issue-level rating and 3 recovery rating to NRG Energy Inc.’s proposed $700 million senior unsecured notes due 2026. The 3 recovery rating reflects an expectation of meaningful (50% to 70%; upper half of the range) recovery in the event of default.
The company intends to use net proceeds from the issuance as well as about $300 million of cash on hand to tender across the bond complex. As of Dec. 31, 2015, NRG had about $9.2 billion of recourse and imputed debt, S&P said in a news release.
The BB- corporate credit rating on NRG Energy is based on S&P’s assessment of a fair business risk profile and aggressive financial risk profile. The outlook is stable.
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