GenOn Energy Inc. And Affiliates Ratings Withdrawn

Stocks and Financial Services Press Releases Friday July 21, 2017 08:51
NEW YORK--21 Jul--S&P Global Ratings

NEW YORK (S&P Global Ratings) July 20, 2017--S&P Global Ratings said todaythat it has withdrawn its issuer credit and issue-level ratings on GenOnEnergy Inc., GenOn Energy Holdings Inc., and GenOn Americas LLC. The actionfollows a June 2017 distressed exchange in which GenOn Americas LLCdebtholders were compensated at about 92% of par and GenOn Energy Inc.debtholders became the new equity holders of the enterprise. We do notcurrently know the entity will emerge from bankruptcy, but this could occurbefore the end of 2017.

The GenOn portfolio, which is currently about 51% coal, has suffered from weakcash flows amid a low gas pricing and weak demand growth environment. However,we do not expect this to have negative implications for former parent NRGEnergy Inc.

Ratings on subsidiaries NRG REMA LLC and GenOn Mid-Atlantic LLC are unaffectedby this withdrawal. Neither was included in the prepackaged bankruptcy filing.

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