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AES Ironwood LLC Senior Secured Bonds Rated 'BBB-' Jun 99
Standard & Poors, June 1999
Abstract
NEW YORK (Standard & Poor's CreditWire) June 9, 1999--Standard & Poor's today assigned its triple-'B'-minus rating to AES Ironwood, LLC's $323.6 million senior secured bonds. The outlook is stable. AES Ironwood was formed to develop, construct, own and operate a 705MW combined-cycle, natural gas-fired generating station that will be located in South Lebanon Township, Pennsylvania. AES Ironwood will use the proceeds of the bond offering to construct the facility. The plant has a tolling agreement with Williams Energy Marketing and Trading for 20 years, after which it will either become a merchant plant or sell power under a replacement contract. The triple-'B'-minus rating reflects the following risks: -- The possibility that in the last 4.5 years of the bond term...
Companies mentioned in this report are: AES Ironwood LLC,Metropolitan Edison Co.,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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