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S&P lifts NRG REMA, pass-throughs
S&P said it raised its issuer credit rating on NRG REMA LLC to CCC- from CC.
The outlook is negative.
The agency also raised the issue-level rating on the company's pass-through certificates to CCC+ from CCC. The recovery rating is 1, reflecting an expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of default.
Parent company GenOn Energy Inc. filed for bankruptcy on June 14, but the filing excluded NRG REMA and GenOn Mid-Atlantic LLC. These entities can operate on a stand-alone basis and were considered ring-fenced from GenOn.
However, S&P said the CCC- rating reflects its expectation that since no agreement has been made, a bankruptcy is increasingly likely.
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