|
Quotes & Info
|
| CNP > SEC Filings for CNP > Form 8-K on 7-May-2009 | All Recent SEC Filings |
7-May-2009
Other Events
On April 30, 2009, Standard & Poor's Ratings Services, a division of The
McGraw Hill Companies ("S&P"), issued a report on CenterPoint Energy, Inc. (the
"Company"), CenterPoint Energy Houston Electric, LLC ("CenterPoint Houston") and
CenterPoint Energy Resources Corp. ("CERC"). In its report, S&P affirmed the
senior long-term debt ratings of the three companies but revised its outlook to
negative from stable. S&P also lowered short-term corporate credit and
commercial paper program ratings of the Company and CERC to "A-3" from "A-2".
The Company cannot assure you that these ratings will remain in effect for any
given period of time or that these ratings will not be lowered or withdrawn
entirely. The Company notes that these credit ratings are not recommendations to
buy, sell or hold its securities and may be revised or withdrawn at any time.
Each rating should be evaluated independently of any other rating. Any future
reduction or withdrawal of one or more of the Company's credit ratings could
have a material adverse impact on its ability to obtain short- and long-term
financing, the cost of such financing and the execution of its commercial
strategies.
On May 1, 2009, Reliant Energy, Inc. ("RRI") confirmed the completion of the
sale of its Texas retail business to NRG Retail LLC, a subsidiary of NRG Energy,
Inc. As a consequence of its acquisition of the RRI retail business, NRG Retail
LLC, which the Company understands will continue to make retail electric sales
under the "Reliant Energy" brand, is expected to become CenterPoint Houston's
largest customer for retail electric deliveries. In connection with the sale,
RRI changed its name to RRI Energy, Inc. and no longer provides service as a
retail electric provider in CenterPoint Houston's service territory. The sale
does not alter RRI's contractual obligations to indemnify the Company and its
subsidiaries for certain liabilities, including their indemnification regarding
certain litigation, nor does it affect the terms of existing guaranty
arrangements for certain RRI gas transportation contracts.
|
|