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Moody's maintains outlook on Dynegy
Moody's Investors Service said it is maintaining a developing rating outlook on the debt of Illinois Power Co. (B3 senior secured), and Dynegy Holdings (Caa2 senior unsecured), and maintaining a stable outlook on the ratings of Exelon corp. (Baa2 senior unsecured).
The move follows the announcement that a subsidiary of Exelon had agreed to buy substantially all of the assets of Illinois Power from Dynegy Inc. for total consideration of $2.225 billion.
Moody's said it believes that the transaction, if consummated as proposed, could have positive rating implications for the debt of Illinois Power and, to a lesser extent, Dynegy. However, the transaction has substantial execution risk, including the receipt of special legislative action by the Illinois General Assembly and approvals by both state and federal regulatory authorities.
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