Bank of America reiterated a Buy rating on NRG Energy NRG before its merger with GenOn Energy GEN.
Bank of America commented, “We view the expected benefits of the stock-for-stock merger between NRG Energy and GenOn Energy to be very constructive for both companies – particularly so for GenOn given that NRG is a stronger credit and approximately three times GenOn's financial size. For the time being, we are maintaining our Underweight-30% rating on NRG Energy's senior notes (B1/BB-/BB) and our Overweight-30% rating on GenOn Energy's senior notes (B3/B-/BB-). The companies expect to close the transaction in 1Q13.”
NRG Energy closed at $18.05 on Friday.
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