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S&P rates Dynegy notes B+
Standard & Poor’s said it assigned a B+ rating and 3 recovery rating to the $5.1 billion senior unsecured notes issued by new and temporary Dynegy Inc.’s subsidiaries, Dynegy Finance I Inc. and Dynegy Finance II Inc.
Dynegy Finance I will issue $2.04 billion senior unsecured notes due 2019 to 2024 and Dynegy Finance II will issue $3.06 billion due 2019 to 2024.
The agency also assigned a 3 recovery rating to the debt, indicating 50% to 70% expected default recovery.
S&P also affirmed Dynegy’s B+ corporate credit rating and other debt ratings.
The outlook is stable.
Once the acquisitions are complete, Dynegy Finance I and Dynegy Finance II will merge into Dynegy, S&P said, and the notes will become a Dynegy obligation. This is expected to occur in late 2014 or early 2015.
The acquisitions will improve Dynegy’s scale and market diversity materially by adding a large footprint in the favorable PJM and NePool power markets, where Dynegy has limited presence, the agency said.
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