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Published on 8/14/2023 in the Prospect News Preferred Stock Daily.

Fitch rates NRG Energy P-Caps BBB-

Fitch Ratings said it affirmed the BB+ long-term issuer default rating of NRG Energy, Inc. The outlook is stable.

Additionally, Fitch assigned a BBB-/RR1 rating to Alexander Funding Trust II, which is the issuer of pre-capitalized trust securities (P-Caps) that serve as a supplemental form of liquidity for NRG.

“Fitch's rating considers the company's integrated retail platform, reduction in commodity sensitive business, and substantial cash generating ability. The rating also incorporates NRG's revised capital allocation plan that includes returning significant cash to shareholders after deleveraging,” Fitch said in a news release.

“Nonetheless, Fitch expects NRG to return and to maintain EBITDA gross leverage to within Fitch's specified rating threshold of 3.0x-3.5x.”


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