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Rating Action:

Moody's changes ratings on 15 U.S. power and electric utility companies under LGD rating methodology

27 Sep 2006
Moody's changes ratings on 15 U.S. power and electric utility companies under LGD rating methodology

New York, September 27, 2006 -- Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the U.S. power and electric utility sector. The sector includes 15 organizations that are subject to the LGD methodology.

Moody's current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings by aligning ratings for different debt classes more closely to expected credit losses.

In connection with implementing LGD for the U.S. power and electric utility sector, Moody's also applied several Corporate Family Ratings (CFRs) to a more narrowly defined range of legal entities than is typically the case. This approach was utilized in instances in which there is believed to be low correlation of default probability among related legal entities in a single consolidated organization. This situation exists for several organizations comprised of multiple legal entities, whose stand-alone credit risk is substantially insulated by regulatory or structural factors. Two CFRs were assigned to organizations that previously did not have them, and in two cases existing CFRs were revised to redefine the scope of legal entities covered by the CFR as encompassing only the holding company.

A CFR of Ba2 was assigned to Allegheny Energy Supply Company, LLC (AYE Supply), applying to a corporate family that is comprised of AYE Supply and its subsidiary Allegheny Generating Company. The CFR of parent Allegheny Energy, Inc. (AYE) was revised to Ba2 from Ba1. This revision does not reflect any perceived change in the company's credit worthiness. It reflects a redefinition of the legal entities covered by the CFR to encompass only AYE and to exclude all of its subsidiaries, which are mainly investment grade rated regulated utilities that are viewed as having a substantial variation in default probability by individual legal entity.

For the AES Corporation, the CFR was revised to B1 from Ba3. This revision does not reflect any perceived change in the company's credit worthiness. It reflects a redefinition of the scope of the CFR to encompass only the parent holding company and to exclude all of its subsidiaries, which are predominantly independent regulated or non-recourse project finance entities.

In the case of PSEG Energy Holdings, a CFR of Ba3 was assigned for the first time.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within the corporate family encompassed by the CFR will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Following is a list of the rating actions for the U.S. power and electric utility sector. The rating immediately after the company name denotes the CFR while the percentage next to the LGDA represents the expected LGD rates.

AES Corporation, B1

PDR: B1

Senior secured term loan due 2011, Ba2 --> Ba1, LGD1, 2%

Senior secured revolving credit facility due 2010, Ba2 --> Ba1, LGD1, 2%

Second priority senior secured notes 8.75% due 2013, Ba3 --> Ba3, LGD3, 40%

Second priority senior secured notes 9.00% due 2015, Ba3 --> Ba3, LGD3, 40%

Senior unsecured notes 8.75% due 2008, B1 --> B1, LGD4, 55%

Senior unsecured notes 9.50% due 2009, B1 --> B1, LGD4, 55%

Senior unsecured notes 9.375% due 2010, B1 --> B1, LGD4, 55%

Senior unsecured notes 8.875% due 2011, B1 --> B1, LGD4, 55%

Senior unsecured notes 7.75% due 2014, B1 --> B1, LGD4, 55%

AES Trust VII

Convertible trust preferred securities 6.0% due 2008, B3 --> B3, LGD6, 93%

AES Trust III

Convertible trust preferred securities 6.75% due 2029, B3 --> B3, LGD6, 93%

Allegheny Energy, Inc., Ba2

PDR: Ba2

Senior unsecured credit facility, Ba2 --> Ba2, LGD4, 50%

Allegheny Energy Supply Company, LLC, Ba2

PDR: Ba2

Senior secured credit facility, Ba2 --> Baa3, LGD2, 22%

7.8% global notes due 3/15/11, Ba3 --> Ba3, LGD5, 77%

8.25% global notes due 4/15/12, Ba3 --> Ba3, LGD5, 77%

Allegheny Generating Company

6.875% debentures due 9/1/23, Ba3 --> Ba3, LGD5, 77%

Aquila, Inc., B1

PDR: B2

Senior secured credit facility, Ba2 --> Ba1, LGD1, 2%

Senior unsecured notes, B2 --> B2, LGD3, 43%

Convertible subordinated debentures, Caa1 --> Caa1, LGD5, 88%

Senior unsecured shelf, (P) B2 --> (P) B2, LGD3, 43%

CMS Energy Corporation, Ba1

PDR: Ba2

Senior secured revolving credit facility, Ba2 --> Ba2, LGD3, 49%

Senior unsecured notes, Ba3 --> Ba3, LGD4, 69%

Preferred stock, B3 --> Ba3, LGD5, 89%

Senior unsecured shelf, (P)Ba3 --> (P)Ba3, LGD4, 69%

Subordinate debt shelf, (P)B2 --> (P)Ba3, LGD5, 87%

Preferred stock shelf, (P)B3 --> (P)Ba3, LGD5, 89%

CMS Energy Trust I

Preferred stock, B2 --> Ba3, LGD5, 87%

Preferred stock shelf, (P)B2 --> (P)Ba3, LGD5, 87%

CMS Energy Trust II

Preferred stock shelf, (P)B2 --> (P)Ba3, LGD5, 87%

CMS Energy Trust III

Preferred stock shelf, (P)B2 --> (P)Ba3, LGD5, 87%

Consumers Energy Company

Senior secured revolving credit facility, Baa3 --> Baa2, LGD2, 11%

Senior secured bonds, Baa3 --> Baa2, LGD2, 11%

Preferred stock, Ba3 --> Ba2, LGD3, 47%

Senior secured shelf, (P)Baa3 --> (P)Baa2, LGD2, 11%

Senior unsecured shelf, (P)Ba1 --> (P)Ba1, LGD3, 40%

Subordinate debt shelf, (P)Ba2 --> (P)Ba2, LGD3, 47%

Consumers Energy Company Financing V

Preferred stock shelf, (P)Ba2 --> (P)Ba2, LGD3, 47%

Consumers Energy Company Financing VI

Preferred stock shelf, (P)Ba2 --> (P)Ba2, LGD3, 47%

Cogentrix Energy, Inc., Ba2

PDR: Ba2

Cogentrix Delaware Holdings Inc.

Senior secured term loan due 2012, Ba2 --> Ba2, LGD4, 50%

Senior secured revolving credit facility due 2010, Ba2 --> Ba2, LGD4, 50%

Covanta Energy Corporation, Ba3

PDR: Ba3

Senior secured revolving credit facility due 2011, B1 --> B1, LGD4, 64%

Senior secured term loans 2012, B1 --> B1, LGD4, 64%

Senior secured letter of credit facility due 2012, B1 --> B1, LGD4, 64%

Second lien senior secured term loan due 2013, B2 --> B2, LGD5, 84%

MSW Energy Holdings LLC

8.5% senior secured global notes due 9/1/2010, Ba3 --> Ba3, LGD4, 55%

MSW Energy Holdings II LLC

7.375% senior secured global notes due 9/1/2010, Ba3 --> Ba3, LGD4, 55%

Covanta ARC LLC

6.26% senior secured notes due 12/31/2015, Ba1 --> Ba1, LGD2, 17%

6.45% IRBs, Ser. 1992 A due 2022 (Connecticut Resources Recovery Authority), Ba2 --> Ba2, LGD2, 28%

5.5% IRBs, Ser. A due 2015 (Connecticut Resources Recovery Authority), Ba2 --> Ba2, LGD2, 28%

IRBs, Ser. 1997-A (Delaware Co. IDA, PA), Ba2 --> Ba2, LGD2, 28%

Dynegy Holdings Inc., B1

PDR: B1

Senior secured revolving credit facility due 3/6/2009, Ba3 --> Ba1, LGD1, 8%

Senior secured letter of credit facility due 1/31/2012, Ba3 --> Ba1, LGD1, 8%

Senior secured term loan due 1/31/2012, Ba3 --> Ba1, LGD1, 8%

9.875% second priority senior secured notes due 7/15/2010, B1 --> Ba1, LGD2, 19%

6.875% senior unsecured notes due 4/1/2011, B2 --> B2, LGD4, 61%

8.75% senior unsecured notes due 2/15/2012, B2 --> B2, LGD4, 61%

8.375% senior unsecured notes due 5/1/2016, B2 --> B2, LGD4, 61%

7.125% senior debentures due 5/15/2018, B2 --> B2, LGD4, 61%

7.625% senior debentures due 10/15/2026, B2 --> B2, LGD4, 61%

Multiple seniority shelf (senior unsecured), (P)B2 --> (P)B2, LGD4, 61%

Multiple seniority shelf (subordinate), (P)B3 --> (P)B3, LGD6, 96%

Dynegy Danskammer, LLC and Dynegy Roseton, LLC

Pass-through trust certificates, series A due 11/8/2010, B2 --> Ba3, LGD3, 35%

Pass-through trust certificates, series B due 11/8/2016, B2 --> Ba3, LGD3, 35%

NGC Corporation Capital Trust I

Subordinated capital income securities (SKIS) due 6/1/2027, B3 --> B3, LGD6, 96%

Dynegy Capital Trust II

Trust preferred stock shelf, (P)B3 --> (P)B3, LGD6, 96%

Dynegy Capital Trust III

Trust preferred stock shelf, (P)Caa1 --> (P)B3, LGD6, 97%

Dynegy Inc.

Multiple seniority shelf (senior unsecured), (P)Caa1 --> (P)B3, LGD6, 97%

Multiple seniority shelf (subordinate), (P)Caa2 --> (P)B3, LGD6, 97%

Multiple seniority shelf (preferred stock), (P)Caa3 --> (P)B3, LGD6, 97%

Edison Mission Energy, Ba3

PDR: Ba3

7.75% senior global notes due 2016, B1 --> B1, LGD5, 72%

7.73% senior notes due 2009, B1 --> B1, LGD5, 72%

10.00% guaranteed global notes due 2008, B1 --> B1, LGD5, 72%

9.875% global senior notes due 2011, B1 --> B1, LGD5, 72%

7.5% senior senior global notes due 2013, B1 --> B1, LGD5, 72%

Midwest Generation, LLC

Senior secured term loan due 2011, Ba2 --> Baa3, LGD1, 3%

Senior secured revolving credit facility due 2011, Ba2 --> Baa3, LGD1, 3%

8.75% secured second lien notes due 2034, Ba3 --> Ba2, LGD2, 29%

8.56% guaranteed pass-through certificates due 2016, B1 --> Ba2, LGD2, 28%

8.3% guaranteed pass-through certificates due 2009, B1 --> Ba2, LGD2, 28%

Mission Energy Holding Company

13.5% senior secured global notes due 2008, B2 --> B2, LGD6, 93%

Mirant Corporation, B2

PDR: B2

Mirant Mid-Atlantic, LLC

8.625% pass-through certificates series A due 2012, Ba2 --> Ba2, LGD2, 12%

9.125% pass-through certificates series B due 2017, Ba2 --> Ba2, LGD2, 12%

10.06% pass-through certificates series C due 2028, Ba2 --> Ba2, LGD2, 12%

Mirant North America, LLC

Senior secured revolving credit facility due 2013, B1 --> Ba3, LGD3, 32%

Senior secured term loan due 2013, B1 --> Ba3, LGD3, 32%

7.375% senior unsecured notes due 2013, B2 --> B2, LGD4, 52%

Mirant Americas Generation, LLC

8.3% senior unsecured bonds due 2011, B3 --> Caa1, LGD5, 85%

8.5% senior unsecured bonds due 2021, B3 --> Caa1, LGD5, 85%

9.125% senior unsecured bonds due 2031, B3 --> Caa1, LGD5, 85%

NRG Energy Inc., Ba3

PDR: Ba3

Senior secured term loan 2013, Ba2 --> Ba1, LGD2, 25%

Senior secured revolving credit facility due 2011, Ba2 --> Ba1, LGD2, 25%

7.25% guaranteed senior notes due 2014, B1 --> B1, LGD5, 80%

7.375% senior notes due 2016, B1 --> B1, LGD5, 80%

5.75% convertible preferred stock, B3 --> B2, LGD6, 98%

4.00% convertible perpetual preferred stock, B3 --> B2, LGD6, 98%

Multiple seniority shelf (senior secured), (P)Ba2 --> (P)Ba1, LGD2, 25%

Multiple seniority shelf (senior unsecured), (P)B1 --> (P)B1, LGD5, 80%

Multiple seniority shelf (subordinate), (P)B2 --> (P)B2, LGD6, 97%

Multiple seniority shelf (preferred stock), (P)B3 --> (P)B2, LGD6, 98%

PSEG Energy Holdings L.L.C., Ba3

PDR: Ba3

Senior unsecured notes 8.625% due 2/15/2008, Ba3 --> Ba3, LGD4, 50%

Senior unsecured notes 10.00% due 10/1/09, Ba3 --> Ba3, LGD4, 50%

Senior unsecured notes 8.5% due 6/15/2011, Ba3 --> Ba3, LGD4, 50%

Reliant Energy, Inc, B2

PDR: B2

Senior secured revolver due 2009, B2 --> B2, LGD3, 49%

Senior secured term loans (B1) due 2010, B2 --> B2, LGD3, 49%

Senior secured term loans (B2) due 2010, B2 --> B2, LGD3, 49%

Senior secured notes due 2010, B2 --> B2, LGD3, 49%

Senior secured notes due 2013, B2 --> B2, LGD3, 49%

Senior secured notes due 2014, B2 --> B2, LGD3, 49%

PEDFA-Seward revenue bonds due 2036, B2 --> B2, LGD3, 49%

Convertible senior subordinated notes due 2010 (unsecured), Caa1 --> Caa1, LGD6, 96%

Multiple seniority shelf (senior secured), (P)B2 --> (P)B2, LGD3, 49%

Multiple seniority shelf (senior unsecured), (P)B3 --> (P)Caa1, LGD5, 78%

Multiple seniority shelf (subordinate), (P)Caa1 --> (P)Caa1, LGD6, 96%

Multiple seniority shelf (preferred stock), (P)Caa1 --> (P)Caa1, LGD6, 97%

Reliant Energy Mid-Atlantic

Pass-through certificates, B2 --> Ba2, LGD2, 21%

Orion Power Holdings

Senior unsecured notes due 2010, B3 --> B2, LGD4, 51%

Sierra Pacific Resources, Ba2

PDR: Ba3

Issuer Rating: B1 --> B1

Senior unsecured, B1 --> B1, LGD5, 81%

Multiple seniority shelf (senior unsecured), (P)B1 --> (P)B1, LGD5, 81%

Multiple seniority shelf (subordinate), (P)B2 --> (P)B2, LGD5, 88%

Sierra Pacific Resources Capital Trust I

Preferred securities shelf, (P)B2 --> (P)B2, LGD5, 88%

Sierra Pacific Resources Capital Trust II

Preferred securities shelf, (P)B2 --> (P)B2, LGD5, 88%

Nevada Power Company

Issuer Rating: Ba3 --> B1

Senior secured revolver, Ba1 --> Ba1, LGD2, 23%

Senior secured, Ba1 --> Ba1, LGD2, 23%

Multiple seniority shelf (senior secured), (P)Ba1 --> (P)Ba1, LGD2, 23%

Multiple seniority shelf (preferred stock), (P)B2 --> (P)B1, LGD5, 74%

Sierra Pacific Power Company

Issuer Rating: Ba3 --> B1

Senior secured, Ba1 --> Ba1, LGD2, 23%

Senior secured revolver, Ba1 --> Ba1, LGD2, 23%

Multiple seniority shelf (senior secured), (P)Ba1 --> (P)Ba1, LGD2, 23%

Multiple seniority shelf (preferred stock), (P)B2 --> (P)B1, LGD5, 74%

TECO Energy, Inc., Ba1

PDR: Ba2

Senior unsecured notes, Ba2 --> Ba2, LGD4, 56%

Senior unsecured revenue bonds, Ba2 --> Ba2, LGD4, 56%

Multiple seniority shelf (senior unsecured), (P)Ba2 --> (P)Ba2, LGD4, 56%

Multiple seniority shelf (subordinate), (P)Ba3 --> (P)Ba3, LGD5, 86%

Multiple seniority shelf (preferred stock), (P)B1 --> (P)Ba3, LGD5, 88%

TECO Capital Trust I

Gtd. trust preferred securities, Ba3 --> Ba3, LGD5, 86%

Tampa Electric Company

Senior unsecured notes, Baa2 --> Baa2, LGD1, 9%

Senior unsecured revenue bonds, Baa2 --> Baa2, LGD1, 9%

Senior unsecured shelf, (P)Baa2 --> (P)Baa2, LGD1, 9%

New York
Daniel Gates
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Laura Schumacher
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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