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AES China Generating Co. Ltd. Dec 03
Standard & Poors, Dec 2003
Abstract
The article originally published Dec. 18, 2003, contained several statistical errors. The corrected version, including a revised table 4, is published below. The Yangcheng project is performing satisfactorily; The company's financial profile is at the upper end for its rating category; and The demand for power is rising in mainland China. Cash flow to the company is subordinated to debt at the project level; Mainland China's evolving regulatory and legal framework creates uncertainty; and There is refinancing risk on about US$175 million of newly issued bonds. A wholly owned subsidiary of AES Corp. (B+/Negative/--), incorporated in Bermuda, AES China Generating Co. Ltd. (AES Chigen) owns equity interests of 25%-71.25% in seven operational electric power generation projects in mainland China. Located...
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.
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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