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Fitch keeps Mirant on watch
Fitch Ratings said the ratings of Mirant Corp., including the B+ issuer default rating, remain on Rating Watch negative following the company's announced plans to pursue alternative strategic options including a possible purchase of Mirant by a third party.
The company was initially placed on Ratings Watch negative on July 11, 2006 upon its announcement that it planned to sell its Philippine and Caribbean assets.
The agency said its initial concern was that Mirant would use a substantial portion of the proceeds for shareholder-friendly activities including share buybacks. The continuation of the Rating Watch reflects Fitch's concern that an acquisition of Mirant could be done through a highly levered entity or through incurrence of additional debt leverage at the company or its subsidiaries.
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