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AES Ironwood LLC Feb 09
Standard & Poors, Feb 2009
Abstract
The rating on AES Ironwood is influenced by its offtake agreement with PPL EnergyPlus, without which the project would operate under riskier merchant conditions. While counterparty PPL EnergyPlus is rated 'BBB', AES Ironwood's rating reflects its stand-alone creditworthiness from the project's inherent risks. Risks include historically low debt service coverage ratio (DSCR), which could be below 1x in years of high capital expenditures. The ratings also reflect merchant tail risk during the last four years of the bonds' term. The project achieved commercial operation in December 2001, and granted final acceptance to Siemens Westinghouse--the engineering, procurement, and construction contractor--in March 2003. AES Prescott LLC, a wholly owned subsidiary, operates the facility pursuant to a long-term operation and maintenance agreement. The...
Companies mentioned in this report are: AES Ironwood LLC,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 Eastern Energy L.P.,AES Red Oak LLC,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
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