|
|
 |
|
Viewing report
|
|
|
|
AES Ironwood LLC Jan 08
Standard & Poors, Jan 2008
Abstract
The rating on electricity generator AES Ironwood LLC's $308.5 million ($281 million outstanding) senior secured bonds is 'B+'. The outlook is stable. AES Ironwood is a 705 MW combined-cycle, natural-gas-fired generating station in South Lebanon Township, Pa., that initially contracted to sell its entire capacity and energy to Williams Power Co. Inc, a subsidiary of The Williams Cos. Inc. (Williams; BBB-/Stable/--)), through a 20-year power purchase agreement (PPA). In second-quarter 2007, Williams announced a definitive agreement to sell substantially all of its power assets to Bear Energy L.P., a unit of The Bear Stearns Cos. Inc. (Bear Stearns; A/Negative/A-1). The sale was completed in November 2007. We view the transaction favorably for Ironwood in that its power offtake exposure is...
Companies mentioned in this report are: AES Ironwood LLC,Indianapolis Power & Light Co.,IPALCO Enterprises Inc.,AES Corp. (The),AES Gener S.A.,AES China Generating Co. Ltd.,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
|
|
|
|
