Moody’s takes rating actions on Reliant Resources, Inc. and subsidiaries

As a result, Moody’s has assigned issuer ratings to RRI (Baa3 senior unsecured) and to its subsidiary Reliant Energy Services, Inc. (RES). Moody’s downgraded Reliant Energy Capital (Europe), Inc. (RECE)’s issuer rating to Baa3 from Baa1, ending a review begun on July 27, 2000.

HOUSTON, March 28, 2001 – Frontier Oil Corporation announced that its Cheyenne, Wyoming Refinery subsidiary has filed a petition for intervention with the Public Utilities Commission of the State of Wyoming (the Commission) related to an application by Cheyenne Light, Fuel & Power Company (CLF&P) to pass on a significant electric rate increase to consumers.

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