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AES China Generating Co. Ltd. Dec 02
Standard & Poors, Dec 2002
Abstract
Mainland China's rising demand for power; The Jiaozuo project has been performing well; Improving cash flows and projected interest coverage; and Well-structured project contracts AES Corp.'s weakening credit profile; Uncertainty surrounding the final tariff rate for the Yangcheng project; Mainland China's evolving regulatory and legal framework creates uncertainty; Uncertainty surrounding power industry reforms in mainland China; and Refinancing risk on the notes. A wholly owned subsidiary of AES Corp., incorporated in Bermuda, AES China Generating Co. Ltd. (AES Chigen) owns equity interests varying from 25% to 70% in eight electric power generation projects in mainland China. Located in six provinces and Chongqing municipality, the projects range in size from 15 megawatts (MW) to 2,100MW, and are operated mostly by the...
Companies mentioned in this report are: AES China Generating Co. Ltd.,Central Illinois Light Co.,Indianapolis Power & Light Co.,CILCORP Inc.,IPALCO Enterprises Inc.,AES Corp. (The),AES Gener S.A.,C.A. La Electricidad De Caracas ,NewEnergy Inc.,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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