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S&P rates Entergy Gulf BBB
Standard & Poor's said it assigned its BBB corporate credit rating to Entergy Gulf States Louisiana LLC and Entergy Texas Inc. and withdrew the ratings on Entergy Gulf States Inc.
The agency said that the ratings are on CreditWatch with developing implications pending the receipt of additional details regarding the spin-off of parent Entergy Corp.'s merchant nuclear power plant assets and the use of the proceeds.
The rating action is the result of Entergy Gulf States Inc.'s plan to legally separate into two distinct vertically integrated utilities, along local jurisdictional lines, the agency noted, adding that the separation did not result in the creation of new obligations or the issuance of new or additional debt and does not adversely affect the consolidated credit quality of Entergy Corp.
The debt obligations of Entergy Gulf States Inc. will remain with Entergy Gulf States Louisiana, with the first mortgage bonds affirmed at BBB+ with recovery rating of 1, the senior unsecured debt rate at BBB- and the preferred stock affirmed at BB+.
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