|
|
 |
|
Viewing report
|
|
|
|
AES Red Oak LLC May 06
Standard & Poors, May 2006
Abstract
AES Red Oak LLC is a combined-cycle, natural gas-fired generation station in Middlesex County, N.J. with a nameplate capacity of 830 MW. It is 100% indirectly owned by The AES Corp. (AES; BB-/Stable/--), and sells its capacity and energy to Williams Power Co. Inc. under a 20-year, purchase-power agreement (PPA). The Williams Cos. Inc. (Williams; B+/Positive/B-2) guarantees Williams Power's obligations under the PPA. AES Sayreville LLC, a wholly owned subsidiary of AES Red Oak, operates the project. The 'B+' rating on AES Red Oak's bonds is constrained by the rating on Williams because in the absence of the PPA, the project would be forced to operate under merchant conditions and would likely be unable to service its debt in a...
Companies mentioned in this report are: AES Red Oak LLC,Williams Cos. Inc. (The),AES Corp. (The)
Action: Review
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: Full Analysis
|
|
|
|
