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AES Gener S.A. Aug 01
Standard & Poors, Aug 2001
Abstract
AES Gener S.A.'s ratings reflect its own creditworthiness, as well as structural insulation from 98.5% owner AES Corp. ('BB'/Positive). Gener is the second largest generator in the Chilean electricity market. Strengths include its high level of contracted sales and its effective response to the introduction of natural gas by investing in gas-fired facilities; coal now accounts for 57% of installed capacity. Weaker, international investments are in the process of being sold, or restructured under the AES umbrella. Gener is expected to emerge as a pure Chilean generation company. However, Gener is at a pricing disadvantage as a primarily thermal producer, in a largely hydro system. As such, its operating margins will always be below those of hydro generators. Earnings suffered...
Companies mentioned in this report are: AES Gener S.A.,Central Illinois Light Co.,Indianapolis Power & Light Co.,CILCORP Inc.,IPALCO Enterprises Inc.,AES Corp. (The),AES China Generating Co. Ltd.,C.A. La Electricidad De Caracas ,NewEnergy Inc.,Empresa Distribuidora de Energia Norte S.A. (EDEN),Empresa Distribuidora de Energia Sur S.A. (EDES),AES Ocean Springs Ltd.,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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