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Fitch lifts Mirant debt to B+
Fitch Ratings said it affirmed Mirant Americas Generating, LLC's issuer default rating at B+ and upgraded the rating of its debt to B+/RR3 from B/RR5.
The ratings have been removed from Rating Watch Positive and assigned a stable outlook, Fitch said.
The ratings were put on watch pursuant to the announcement of a merger between RRI Energy and Mirant Corp. on April 12, 2010 based on the anticipated discharge of Mirant North America LLC debt upon completion of the merger, the agency said.
The merger was completed on Dec. 3. Fitch said the discharge of the Mirant North America debt will improve the security position of Mirant Americas' bondholders in the capital structure and improves their expected recovery in the event of a default.
For the 12 months ending Sept. 30, for RRI and Mirant's credit metrics were weak, in Fitch's view. The debt-to-EBITDA ratio was 5.0 times for RRI and 4.4 times for Mirant.
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