Monday, November 22, 2010

Dynegy (NYSE:DYN): S&P Statement 11/20/10 Liquidity not a problem

While we think DYN has more than adequate liquidity, we note the recent increase in debt to total capital. DYN's debt to total capital ratio rose to 65% in 2009, from 58% at year-end 2008. Debt to total capital fell to a low of 57% in 2007 following the first LS Power transaction. Capital expenditures totaled $612 million in 2009, versus $611 million in 2008. DYN expects capital expenditures to decrease to $435 million in 2010.We look for capital expenditures to continue falling for several years

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