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AES Corp.'s $300 mil Conv Pfd Secs Rated 'B' Oct 99
Standard & Poors, Oct 1999
Abstract
Standard & Poor's today assigned its single-'B' rating to AES Corp.'s $300 million trust convertible preferred securities (AES Trust III). The outlook is stable. At the same time Standard & Poor's affirms AES' double-'B' corporate credit rating. Proceeds from this issuance in conjunction with the proceeds received from the sale of 16 million shares of common stock will be used to fund a portion of AES' equity investments needed for its acquisition of Cilcorp and Drax, and for other general corporate purposes. The AES Corp. is a global electric company. The majority of the company's revenues comes from generation and sale of electricity to customers (generally electric utilities or regional electric companies) for further resale to end users. AES also...
Companies mentioned in this report are: AES Corp. (The)
Action: New Rating
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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