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S&P ups rating on Reliant Energy to "BB-" from "B"

By Associated Press
June 3, 2008 | Comments (0)

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Standard & Poor's Ratings Services on Tuesday raised its credit ratings on Reliant Energy Inc., its main subsidiaries and a number of the power producer's debt instruments.

The corporate credit rating on the Houston company and its Orion Power Holdings Inc. and Reliant Energy Mid-Atlantic Power Holdings LLC divisions increased to "BB-" from "B".

S&P also raised to "BB+" from "BB-" its ratings on Reliant's secured debt facilities, and to "BB-" from "B" its ratings on $1.3 billion in senior unsecured notes.

The ratings all remain below investment grade. S&P said Reliant has about $3.4 billion in debt

"The ratings revisions reflect the strong ongoing and expected improvement in Reliant's financial profile, credit-supportive financial policies, robust merchant market conditions, and expectations for stable cash flow generation at Reliant's retail supply unit in Texas," the rating firm said.

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