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AES' Corporate Credit and Outstanding Debt Ratings Affirmed, Despite Fourth Quarter Charges Jan 03
Standard & Poors, Jan 2003
Abstract
NEW YORK (Standard & Poor's) Jan. 30, 2003--Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on The AES Corp. (AES), and affirmed its 'BB' rating on AES' senior secured bank facility and exchange notes, its 'B-' rating on AES' senior unsecured and subordinated debt, and its 'CCC+' rating on AES' trust preferred securities, following the company's announcement that it will recognize charges of $2.7 billion during the fourth quarter of 2002. The charges are associated with asset and goodwill impairments related to investments in the United Kingdom, Brazil, and projects under construction that will be sold or terminated. While the magnitude of the charges are large, Standard & Poor's had projected no cash flows from these assets...
Companies mentioned in this report are: AES Corp. (The)
Action: Affirmed
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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