|
|
 |
|
Viewing report
|
|
|
|
AES China Generating Co. Ltd. Dec 08
Standard & Poors, Dec 2008
Abstract
Mounting refinancing risk Reduced asset base with very high concentration on minority-owned Yangcheng plant Higher fuel costs and regulatory uncertainty Adequate liquidity supported by company's liability management Minimum offtake contracts and stable operations, which offsets power sales risk Good long-term demand for power enhances refinancing prospects The rating on AES China Generating Co. Ltd. (AES Chigen) is constrained by: the mounting refinancing risk on company's 2010 bond due in June 2010; the company's reduced asset base with very high reliance on distributions from minority-owned Yangcheng plant; and the regulatory uncertainty, in both amounts and timing, in allowing fuel cost increase pass-through. The rating is supported by company's adequate liquidity position, low power sales risk at Yangcheng plant and China's good...
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
|
|
|
|
