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AES Drax Energy Ltd. 'B+' Ratings on Sub Notes Remain on CreditWatch Negative May 02
Standard & Poors, May 2002
Abstract
LONDON (Standard & Poor's) May 7, 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 pending approval of 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). InPower Ltd., AES Drax Holdings Ltd., and AES Drax Energy (collectively Drax) ultimately provided the funds for AES Drax Ltd.'s capitalization after the AES Corp. (BB/Watch Neg/--) acquired the 4-gigawatt Drax coal-fired power plant in northern England on Nov. 30, 1999. On May...
Companies mentioned in this report are: AES Corp. (The)
Action: CreditWatch Update
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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