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AES Corp. (The) Jan 09
Standard & Poors, Jan 2009
Abstract
The reliance on substantive distributions from jurisdictions with considerable regulatory and operating uncertainties; The company's growth strategy is heavily dependent on smoothly working credit markets; Currency depreciation in important regions of activity such as Brazil; Recessionary conditions in major emerging economies such as China, Brazil, Chile and Eastern Europe; Political uncertainty in many regions of operations; Exposure to merchant power markets; Large debt-funded growth expenditure requirements; Aggressive financial policies; and Weaker financial ratios. The benefits of regional and operational diversification; A reduction of parent-level leverage and restructuring of holding company debt at some project companies; A history of strong operations at its generation and distribution businesses; and Willingness to pair back spending and conserving liquidity as credit markets have tightened....
Companies mentioned in this report are: AES Corp. (The),Indianapolis Power & Light Co.,IPALCO Enterprises Inc.,AES Gener S.A.,AES China Generating Co. Ltd.,C.A. La Electricidad De Caracas ,AES Eastern Energy L.P.,AES Ironwood LLC,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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