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Standard & Poor's said the Dynegy decision comes after the electricity producer announced plans to acquire the assets of LS Power in exchange for 340 million shares of Dynegy common stock, $100 million in cash and a $275 million Dynegy note. The combined entity will also assume approximately $1.8 billion in net debt from LS Power,a privately held company.
The deal is expected to close early next year and Standard & Poor's said it would likely affirm all of its ratings on Dynegy at that time.
