|
|
 |
|
Viewing report
|
|
|
|
AES Eastern Energy L.P. Jan 08
Standard & Poors, Jan 2008
Abstract
The ratings on AES Eastern Energy L.P.'s (AEE) $550 million pass-through certificates due 2029 and its $75 million revolving credit facility bank loan are 'BB+'. Structural enhancements that insulate AES Eastern allow a degree of separation from the creditworthiness of parent The AES Corp. (AES; BB-/Stable/--) resulting in a two notch differential. The higher rating for AES Eastern is based on its stand-alone credit quality. The $550 million pass-through certificates have a recovery rating of '1', indicating a strong expectation of very high (90%-100%) recovery in the event of a payment default. AEE is a wholly owned subsidiary of AES New York Funding LLC and AES NY2, which, in turn, are wholly owned by AES. AEE owns and operates four...
Companies mentioned in this report are: AES Eastern Energy L.P.,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
|
|
|
|
