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AES Corp. (The) Oct 03
Standard & Poors, Oct 2003
Abstract
Diversified cash flow sources. Stable base of contract generation and regulated utility businesses. A history of strong operations. Increasing credit focus on the part of management. Weak cash flow protection and capitalization measures. Considerable cash flow expected from developing economies. Limited financial flexibility. The rating on AES Corp. reflects the risk that the company's pledging of substantially all of its equity holdings in order to refinance debt could hurt its ability to tap unsecured markets in the future. Also, AES has invested large sums in developing economies and jurisdictions where considerable regulatory and operating uncertainties exist, and the company relies on substantial cash flows from these jurisdictions to support its parent level debt. Furthermore, AES's capitalization and cash flow protection...
Companies mentioned in this report are: AES Corp. (The),Indianapolis Power & Light Co.,IPALCO Enterprises Inc.,AES Gener S.A.,AES China Generating Co. Ltd.,C.A. La Electricidad De Caracas
Action: Review
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: Full Analysis
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