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24 Jun 2009
Approximately $2 Billion of Debt Securities Affected
New York, June 24, 2009 -- Moody's Investors Service upgraded the ratings of Entergy Gulf States
Louisiana, L.L.C. (EGSL), including its
senior secured debt to Baa2 from Baa3, senior unsecured debt to
Baa3 from Ba1, and preferred stock to Ba2 from Ba3 and maintained
a positive outlook. Moody's also assigned a Baa3 Issuer Rating
to EGSL with a positive outlook.
The upgrade follows last year's jurisdictional separation of EGSL
from Entergy Texas, Inc., (Entergy Texas), effective
January 1, 2008, and the success Entergy Texas has had in
accessing the debt markets and paying off part of the EGSL debt it assumed
following the separation. As part of the agreement to divide the
former Entergy Gulf States into two separate utilities, the newly
spun off Entergy Texas assumed and became obligated for a prorated share
(originally $1.1 billion or 46%) of Entergy Gulf
States' debt securities under a debt assumption agreement with EGSL.
Since the separation, Entergy Texas has successfully issued $650
million of first mortgage bonds on its own, using part of the proceeds
to pay off some of this assumed debt, which now stands at $699
million. Entergy Texas has until December 31, 2010 to repay
the balance of the assumed debt and Moody's expects the company
to issue additional first mortgage bonds over the next 18 months to meet
The positive outlook reflects Moody's expectation that EGSL will
exhibit a stronger financial profile than both the former Entergy Gulf
States and the newly spun-off Entergy Texas and considers the more
predictable regulatory environment in Louisiana, which remains fully
regulated with an extension of EGSL's formula rate plan currently under
discussion with the Louisiana Public Service Commission. The positive
outlook also considers Moody's expectation that Entergy Texas will
continue to issue sufficient first mortgage bonds over the next 18 months
to pay off the remainder of the assumed debt. A further upgrade
could be considered when all or a significant portion of the $699
million of assumed debt remaining at EGSL is paid off by Entergy Texas.
Ratings upgraded with a positive outlook include:
EGSL's senior secured debt to Baa2 from Baa3; senior unsecured
debt to Baa3 from Ba1; and preferred stock to Ba2 from Ba3.
The last rating action on EGSL was on December 14, 2007, when
its rating was affirmed and its rating outlook changed to positive from
stable. The principal methodology used in rating EGSL was Global
Regulated Electric Utilities, which can be found at www.moodys.com
in the Credit Policy & Methodologies directory, in the Ratings
Methodologies subdirectory. Other methodologies and factors that
have been considered in the process of rating these issuers can also be
found in the Credit Policy and Methodologies subdirectory.
Entergy Gulf States Louisiana, L.L.C. is a
public utility headquartered in Baton Rouge, Louisiana and Entergy
Texas, Inc, is a public utility headquartered in Beaumont,
Texas. Both are subsidiaries of Entergy Corporation, an integrated
energy company headquartered in New Orleans, Louisiana.
Michael G. Haggarty
VP - Senior Credit Officer
Global Infrastructure Finance
Moody's Investors Service
Moody's Upgrades Entergy Gulf States Louisiana
William L. Hess
Global Infrastructure Finance
Moody's Investors Service
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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