Fitch gives GenOn B, notes BB-

Fitch Ratings said it has assigned an initial B issuer default rating to GenOn Escrow Corp.

Fitch said it has also assigned ratings to GenOn Escrow's proposed offering as follows:

• $550 million of 9.875% senior unsecured notes due 2020 BB-/RR1; and

• $675 million of 9.5% senior unsecured notes due 2018 BB-/RR1.

The outlook is stable.

The agency added that the notes are being issued as part of a financing plan associated with the planned merger between RRI Energy (issuer default rating B) and Mirant Corp. (issuer default rating B+) to create GenOn Energy Inc.

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