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AES China Generating Co. Ltd. Dec 05
Standard & Poors, Dec 2005
Abstract
Low cost position of the company's largest profit-contributing project; Sound operating performance; and Robust electricity demand in China. Lack of operating control over major profit-contributing projects; Cash flow subordinated to project-level debt; High offtaker risk; Exposure to rising coal prices; and Aggressive financial profile. The rating on AES China Generating Co. Ltd. (AES Chigen) reflects the company's lack of control over its major power projects, especially a 25%-owned project in Yangcheng, Shanxi province, China, which continued to be the primary contributor to the group's cash flow in 2004. The rating also reflects the fact that AES Chigen's cash flow is subordinated to project-level debt and that the company has high offtaker risk, exposure to rising coal prices, and an aggressive...
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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