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AES Ironwood LLC Feb 09 Product Image

AES Ironwood LLC Feb 09

  • Published: February 2009
  • Standard & Poors

FEATURED COMPANIES

  • AES Gener S.A.
  • AES Ironwood LLC
  • IPALCO Enterprises Inc.
  • Red Oak Power LLC
  • The AES Corp.
  • MORE

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.
- The AES Corp.
- AES Gener S.A.
- AES China Generating Co. Ltd.
- C.A. La Electricidad De Caracas
- Red Oak Power LLC
- AES Sul Distribuidora Gaucha de Energia S.A.
- AES CHIVOR READ MORE >

- AES Ironwood LLC
- Indianapolis Power & Light Co.
- IPALCO Enterprises Inc.
- The AES Corp.
- AES Gener S.A.
- AES China Generating Co. Ltd.
- C.A. La Electricidad De Caracas
- Red Oak Power LLC
- AES Sul Distribuidora Gaucha de Energia S.A.
- AES CHIVOR & CIA S.C.A. E.S.P.

Note: Product cover images may vary from those shown

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