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AES Gener Rating Affirmed; Outlook Revised to Developing Aug 03
Standard & Poors, Aug 2003
Abstract
NEW YORK (Standard & Poor's) Aug. 27, 2003--Standard & Poor's Ratings Services said today it affirmed its 'B' corporate credit rating on Chilean power generator AES Gener S.A. and revised its outlook on the company to developing from negative. The revised outlook reflects that the ratings could be raised or downgraded depending on the evolution of AES Gener's currently weak liquidity. The credit markets closed to AES Gener in late 2001 partly because of parent AES Corp.'s financial difficulties. In addition, the need to refinance two put options over an outstanding debt of approximately US$120 million exercised by Bank of Am-rica and ABN Amro in 2002 further strained AES Gener's weak liquidity. However, improvements in financial performance and the collateralization...
Companies mentioned in this report are: AES Gener S.A.,AES Corp. (The)
Action: Outlook Revised
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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