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AES China Generating Co. Ltd. Dec 09
Standard & Poors, Dec 2009
Abstract
Mounting refinancing risk and concentrated asset portfolio Regulatory uncertainty Weak operating performance Some stability of revenue from purchase agreements with Jiangsu's electricity retailer Good long-term demand growth prospects The rating on AES China Generating Co. Ltd. (AES Chigen) reflects the increasing refinancing risks surrounding the company's 2010 senior unsecured notes; its reduced asset base after it sold its 70% interest in a plant in Jiaozuo and closed a plant in Heifei; and regulatory uncertainty. These weaknesses are balanced by AES Chigen's access to minimum offtake contracts through its power plant at Yangcheng, the company's most valuable asset, and good long-term demand growth prospects, which enhance the company's ability to refinance its notes. The notes are non-recourse to the parent AES...
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 Eastern Energy L.P.,AES Ironwood LLC,AES Red Oak LLC,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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