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Research Update: Ratings On AES Eastern Energy's Certificates, Working Capital Are Affirmed; Outlook Stable May 06 Product Image

Research Update: Ratings On AES Eastern Energy's Certificates, Working Capital Are Affirmed; Outlook Stable May 06

  • Published: May 2006
  • Standard & Poors

Abstract
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: Affirmed
Action: Outlook: Stable

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 READ MORE >

AES Eastern Energy L.P.,AES Corp. (The)

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