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.
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Research type: News
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