TEXT-Fitch release on NRG Energy

(The following statement was released by the rating agency)

May 22 - Fitch Ratings has placed all its ratings of NRG Energy Inc. (NRG), including the Issuer Default Rating (IDR) of 'B', on Rating Watch Evolving following NRG's unsolicited offer to acquire Calpine Corp (CPN, not rated by Fitch) in a stock-for-stock transaction.

Evolving signifies that Fitch may upgrade, downgrade or affirm NRG's ratings pending future information and analysis.

Ratings placed on Rating Watch Evolving:

--IDR at 'B';

--Senior secured term loan B at 'BB/RR1';

--Senior secured revolving credit facility at 'BB/RR1';

--Senior notes at 'B+/RR3';

--Convertible preferred stock at 'CCC+/RR6'.