Aquila Inc. completed a $630 million refinancing package on Friday, including a one-year $200 million loan to its Australian subsidiary, UtiliCorp Australia Inc., but its corporate credit rating was downgraded to “B” from “B+” by Standard and Poor’s (S&P), reflecting concerns about the company’s heavy reliance on asset sales to reduce debt levels and its projected weak cash flows from operations. S&P assigned a “B+” rating to Aquila’s three-year $430 million senior secured credit facility.
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Fitch Frowns Slightly on Reliant’s Orion Acquisition
Fitch credit ratings service Thursday lowered the rating on Reliant Resources (RRI), the merchant power subsidiary of Reliant Energy, to BBB from BBB+, reflecting Fitch’s analysis of RRI’s plan for financing and integrating the pending acquisition of Orion Power Holdings Inc.
February 15, 2002
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