Fitch: Texas Competitive, Energy Future unchanged

Fitch Ratings said it does not expect to take any immediate rating action on Texas Competitive Electric Holdings Co. LLC or Energy Future Competitive Holdings Co. following the companies' proposal to amend and extend their senior secured credit facilities.

Fitch said it currently rates both companies CCC with a negative outlook and views the offer as the most significant step thus far in Texas Competitive's ongoing liability management program.

But the agency noted that an extension would not result in debt reduction and would lead to a modest worsening of credit metrics due to higher interest costs on the extended facilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.