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AES Corp.'s Ratings Lowered To 'BB-' After $1.05 Bil. Debt Issuance; Off Watch, Outlook Stable May 11
Standard & Poors, May 2011
Abstract
Global power developer AES Corp. has launched the syndication process of a $1.05 billion senior secured term loan facility to finance its all-cash bid for DPL Inc. We expect the loan facility over the next two weeks. We have lowered our corporate credit and senior unsecured ratings on AES to 'BB-' from 'BB' and assigned a 'BB+' rating to the term loan. We also assigned the term loan facility a '1' recovery rating. The outlook is stable. On May 17, 2011, Standard & Poor's Ratings Services lowered its corporate credit rating on international energy developer AES Corp. to 'BB-' from 'BB' and removed it from CreditWatch with negative implications, where we placed it on April 20, 2011. The CreditWatch placement...
Companies mentioned in this report are: AES Corp. (The)
Action: Downgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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