Research Update: Ratings On AES Eastern Energy's Certificates, Working Capital Are Affirmed; Outlook Stable May 06
- ID: 1833113
- May 2006
- Standard & Poors
On May 3, 2006 Standard & Poor's Ratings Services affirmed the 'BB+' rating on AES Eastern Energy L.P.'s (AEE) $550 million pass-through certificates and $75 million working-capital facility. The outlook is stable. AEE is a wholly owned subsidiary of AES New York Funding LLC and AES NY2, which are wholly owned by The AES Corp. (AES; BB-/Stable/--). AEE owns and operates four coal-fired generation assets, representing 1,268 MW of electric generation capacity in western New York. The 'BB+' rating on AEE's $550 million pass-through certificates due 2029 and on its $75 million bank loan reflects AEE's stand-alone credit quality. It is also constrained at a level one notch above its current rating by the rating of its 100% owner, AES....
Companies mentioned in this report are: AES Eastern Energy L.P.,AES Corp. (The)
Action: Outlook: Stable
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Product Type: Research Update
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