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Fitch: Ameren on positive watch
Fitch Ratings said it has placed Ameren Energy Generating Co.'s (Genco) ratings on rating watch positive following the announcement by Ameren Corp., Genco's ultimate parent company, that it has entered into a definitive agreement to divest its merchant generation business, Ameren Energy Resources Co., to an affiliate of Dynegy Inc.
The transaction is expected to close in the fourth quarter of 2013.
Fitch said it has also affirmed the ratings of Ameren Energy and its two regulated utility subsidiaries, Union Electric Co. and Ameren Illinois Co.
The outlook remains stable.
Fitch said that Ameren Energy has estimated the net total value benefits associated with the announced divestiture to be about $900 million. It includes removal of the $825 million principal amount of Genco senior notes from Ameren Energy's consolidated balance sheet and an estimated $180 million, at present value, of tax benefits expected to be substantially realized in 2015.
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