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Recovery Report: AES Corp.'s Recovery Rating Profile May 11

  • ID: 1789349
  • May 2011
  • Standard & Poors
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On May 17, 2011, Standard & Poor's Ratings Services lowered its corporate credit rating on AES Corp. to 'BB-' from 'BB'. The decision affects about $5.3 billion of parent-level recourse secured and unsecured notes and trust preferred securities. We assigned a '1' recovery rating to the $1.05 billion senior secured term loan facility, indicating very high (90% to 100%) recovery. Recovery ratings on the unsecured notes remain at '3', indicating expectations of meaningful (50%-70%) recovery of principal in a payment default scenario. The recovery score on the trust preferred securities is '6'. An $800 million senior first-priority secured revolver facility, due 2015, is unrated. Also unrated, for the most part, are almost $14 billion of non-recourse project- and subsidiary-level debt...

Companies mentioned in this report are: AES Corp. (The)

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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AES Corp. (The)

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