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Moody's affirms Mirant, RRI Energy
Moody's Investors Service said it affirmed Mirant Corp.'s corporate family rating at B1, Mirant Mid-Atlantic, LLC's pass-through trust certificates at Ba1, Mirant North America, LLC's senior secured rating at Ba2 and senior unsecured ratings at Ba1 and Mirant Americas Generation, LLC's senior unsecured rating at B3.
The agency also said it affirmed RRI Energy, Inc.'s corporate family rating at B1, Reliant Energy Mid-Atlantic Power Holdings, LLC's pass-through certificates at Ba1 and Orion Power Holdings, Inc.'s senior unsecured ratings at Ba3.
The outlook is stable.
The ratings were affirmed following news of the companies' stock-for-stock merger transaction.
The newly formed entity, GenOn Energy will be the surviving parent company upon consummation of the transaction. The ratings for GenOn will be determined based on the facts and circumstances of the pro-forma combined organization, the agency said.
The rating affirmations consider the complementary operations and similar credit profiles of the companies, Moody's said, and the use of stock as the currency for the proposed merger.
The ratings also consider the expected operating synergies and the strong liquidity profiles for the combined entity, the agency said.
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