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AES Corp. Moves Forward on Asset Sale Program Apr 03
Standard & Poors, April 2003
Abstract
In determining The AES Corp.'s 'B+' rating and negative outlook, Standard & Poor's Ratings Services has estimated parent operating cash flow/interest coverage in 2003 of between 1.5x and 1.7x and parent operating cash flow/debt of 14% to 15% given a range of projected distributions from subsidiaries from $900 million to $1 billion. Given AES' cash flow profile, these numbers are indicative of a credit in the 'B' category. Standard & Poor's assumes that AES will continue to make progress on its asset sales program. The proceeds will provide the majority of funds necessary to pay down 50%, or about $810 million, of the senior secured bank facility and 40%, or about $103 million, of the senior secured exchange notes by...
Companies mentioned in this report are: CILCORP Inc.,IPALCO Enterprises Inc.,AES Corp. (The)
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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