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AES China Generating Co. Ltd. Dec 04
Standard & Poors, Dec 2004
Abstract
The Yangcheng project is competitive and is performing well; and Demand for power in mainland China is likely to remain strong over the next two years. Cash flow to the company is subordinated to debt at the project level; The company's lack of control over the Yangcheng project, its largest source of cash flow; Mainland China's regulatory and legal risks; and Refinancing risk on its US$175 million bonds due 2010. A wholly owned subsidiary of AES Corp. (B+/Positive/--), incorporated in Bermuda, AES China Generating Co. Ltd. (AES Chigen) owns equity interests of 25%-71.25% in seven operational electric power generation projects in mainland China. Located in five provinces and in the municipality of Chongqing, the projects range in size from 26.2...
Companies mentioned in this report are: AES China Generating Co. Ltd.,Indianapolis Power & Light Co.,IPALCO Enterprises Inc.,AES Corp. (The),AES Gener S.A.,C.A. La Electricidad De Caracas ,AES Sul Distribuidora Gaucha de Energia S.A.,Compania de Alumbrado Electrico de San Salvador, S.A. de C.V.,Empresa Electrica de Oriente, S.A. de C.V.,Distribuidora Electrica de Usulutan, S.A. de C.V.,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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