NEW YORK, Aug. 30 (UPI) -- Credit rater Standard & Poor's Monday revised upward its rating of Reliant Energy Inc. and two of that company's subsidiaries.
The New York-based credit rating agency upgraded Reliant Energy, Atlantic Power Holdings, and Orion Power Holdings to stable from negative.
Reliant faced criminal indictment in April this year for alleged market manipulation practices in 2000, but S&P said it revised its assessment of the companies as no civil cases have been filed based on the alleged market manipulation practices since the conduct was made public more than 18 months ago.
The upward revision is based on "expectation that Reliant's financial ratios will continue to improve in 2004 and beyond as a result of debt reduction and costs savings," said credit analyst Arleen Spangler.
