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Avon Energy Partners Holdings Ratings Lowered to 'D' Following Powergen Acquisition Jan 04
Standard & Poors, Jan 2004
Abstract
LONDON (Standard & Poor's) Jan. 16, 2004--Standard & Poor's Ratings Services said today it lowered its long-term issuer and senior unsecured credit ratings on Avon Energy Partners Holdings (AEPH) to 'D' from 'CC'. The rating was removed from CreditWatch, where it was placed on Nov. 20, 2002. The rating action followed the acquisition of AEPH and its subsidiaries, Midlands Electricity PLC (B/Watch Pos/--) and Aquila Networks PLC (BBB-/Watch Pos/A-3), by Powergen U.K. PLC (A-/Stable/A-2). It reflects the fact that, as part of the transaction, bondholders at AEPH will not fully recover principal. They will receive 96% of the bonds' face value. The ratings on Midlands Electricity and Aquila Networks remain on CreditWatch positive, where they were placed on May 22,...
Companies mentioned in this report are: Avon Energy Partners Holdings,Western Power Distribution (East Midlands) PLC,WPD Midlands Holdings Ltd.,E.ON U.K. PLC,Western Power Distribution (West Midlands) PLC
Action: Downgraded, Off CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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