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AES China Generating Co. Ltd. Aug 06
Standard & Poors, Aug 2006
Abstract
Stable operating performance prospects for its two major cash flow contributing plants Supportive regulatory regime that provides some market protection Small asset portfolio with highly concentrated cash flow generation Lack of operating control over core profit-contributing plant Exposure to rising fuel costs and oversupplied power markets Highly leveraged financial profile Refinancing risk The rating on AES China Generating Co. Ltd. (AES Chigen) reflects the company's small asset portfolio, concentrated cash flow generation, lack of operating control over its core cash flow contributing plant, and exposure to rising fuel costs and some oversupplied power markets. It also reflects the company's highly leveraged financial profile and refinancing risk concerning a US$175 million bond issue due in 2010. These weaknesses are partly mitigated...
Companies mentioned in this report are: AES China Generating Co. Ltd.,Indianapolis Power & Light Co.,IPALCO Enterprises Inc.,AES Corp. (The),AES Gener S.A.,C.A. La Electricidad De Caracas ,AES Sul Distribuidora Gaucha de Energia S.A.,AES CHIVOR & CIA S.C.A. E.S.P.
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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