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Fitch cuts GenOn Energy
Fitch Ratings said it affirmed the issuer default ratings of NRG Energy, Inc. at B+ and downgraded the issuer default rating of GenOn Energy, Inc. to B- from B.
The agency said the rating actions follow completion of the merger of GenOn into NRG.
Fitch also downgraded the ratings of GenOn Americas Generation, LLC and GenOn Mid-Atlantic, LLC to B from B+.
Additionally, the agency removed the NRG and GenOn entities from rating watch negative. The outlook is stable.
Fitch said it has determined that a weak linkage relationship exists between NRG and GenOn and, therefore, the ratings are being assigned to NRG and GenOn based on the respective standalone credit profiles.
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