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AES Corp. (The) Dec 04
Standard & Poors, Dec 2004
Abstract
Diversified cash-flow sources. Stable base of contract generation and regulated utility businesses. A history of strong operations. Increasing credit focus on the part of management. Considerable cash flow expected from developing economies. High consolidated debt leverage. Limited financial flexibility. The rating on AES reflects the risks of its reliance on substantive distributions from jurisdictions where considerable regulatory and operating uncertainties exist to support its parent-level debt, some exposure to merchant power markets, and a highly leveraged, though improving, balance sheet. While the level of distributions seems to have stabilized, some of those distributions are very speculative, considering that projections for 2004 include fairly sizable distributions from Venezuela ($60 million), Nigeria ($45 million), and Argentina ($35 million). Also, 2004 projections include...
Companies mentioned in this report are: The AES Corp.,Hawaiian Electric Co. Inc.,Indianapolis Power & Light Co.,Oklahoma Gas & Electric Co.,The Williams Cos. Inc.,IPALCO Enterprises Inc.,Petroleos de Venezuela S.A.,AES Gener S.A.,Banco Nacional de Desenvolvimento Economico e Social,AES China Generating Co. Ltd.,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.
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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