Aug 9, 2011
Fitch Ratings on Tuesday confirmed its noninvestment-grade "B+" overall credit rating for wholesale power company NRG Energy Inc.(NYSE:NRG).
The credit rating agency also gave its "BB+" rating to NRG's new first line facilities and affirmed its "BB" rating on the company's unsecured notes. The outlook is stable.
Fitch pointed to the diversity of NRG's power plants in terms of size, fuel location, along with its improved business risk profile, strong liquidity position and historically conservative hedging strategy, as grounds for the ratings.
Fitch said it expects NRG's credit metrics to bottom out in 2013 and for its solid liquidity profile to allow it to navigate a continued drop in commodity prices.
NRG Energy has a potential upside of 28.7% based on a current price of $21.24 and an average consensus analyst price target of $27.33.
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