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Drax 'BBB-' Sr Debt Rtgs Affirmed; Outlk Neg; AES Drax Energy 'B+' Sub Debt Rtg Still on Watch May 02 Product Image

Drax 'BBB-' Sr Debt Rtgs Affirmed; Outlk Neg; AES Drax Energy 'B+' Sub Debt Rtg Still on Watch May 02

  • Published: May 2002
  • Standard & Poors

FEATURED COMPANIES

  • AES Drax Energy Ltd.
  • AES Drax Holdings Ltd.
  • The AES Corp.
  • MORE

Abstract
LONDON (Standard & Poor's) May 31, 2002--Standard & Poor's said today its single-'B'-plus debt ratings on AES Drax Energy Ltd.'s $200 million and £135 million ($197 million) subordinated notes remain on CreditWatch with negative implications following conditional approval by senior bank lenders for a request to waive a technical default regarding the terms of insurance. The ratings were placed on CreditWatch on Feb. 28, 2002, after interest payments for the subordinated notes were made from a dedicated debt service reserve account (DSRA). At the same time, Standard & Poor's affirmed its triple-'B'-minus senior secured debt ratings on InPower Ltd.'s bank loan and AES Drax Holdings Ltd.'s bond issues. The outlooks on the senior debt are negative. The three issuers (collectively...

Companies mentioned in this report are:
- AES Drax Energy Ltd.
- The AES Corp.
- AES Drax Holdings Ltd.

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 READ MORE >

- AES Drax Energy Ltd.
- The AES Corp.
- AES Drax Holdings Ltd.

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