|
|
 |
|
Viewing report
|
|
|
|
AES Eastern Energy L.P. Jan 09
Standard & Poors, Jan 2009
Abstract
AES Eastern Energy L.P.'s (AEE) $550 million pass-through certificates due 2029 and its $75 million revolving credit facility bank loan are rated 'BB+'. The rating is two notches higher than that of its parent, AES Corp. (AES; BB-/Stable/--), and is based on AEE's stand-alone credit quality because structural enhancements that insulate AEE allow a degree of separation from the creditworthiness of AES. The '1' recovery rating on the $550 million pass-through certificates indicates 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, AES wholly owns. AEE owns and operates four coal-fired generation assets, representing 1,268 megawatts...
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 Ironwood LLC,AES Red Oak LLC,AES Sul Distribuidora Gaucha de Energia S.A.,AES CHIVOR & CIA S.C.A. E.S.P.,AES Dominicana Energia Finance 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
|
|
|
|
