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AES Drax Energy Ltd. Sub Debt Rtgs Lowered to 'CCC' and on Watch Neg Due to Default Threat Aug 02
Standard & Poors, Aug 2002
Abstract
LONDON (Standard & Poor's) Aug. 20, 2002--Standard & Poor's Ratings Services said today it lowered its ratings on AES Drax Energy Ltd.'s (Drax Energy) $200 million and -135 million ($206 million) subordinated notes to triple-'C' from single-'B'-plus. At the same time, Standard & Poor's placed these ratings on CreditWatch with negative implications to reflect the potential for a default on the Aug. 30, 2002, interest payment on the subordinated debt. The issuer, together with InPower Ltd. and AES Drax Holdings Ltd. (collectively Drax), ultimately provided funds for AES Drax Ltd.'s capitalization after The AES Corp. (BB-/Negative/--) acquired the 4-gigawatt Drax coal-fired power plant in northern England on Nov. 30, 1999. 'Today's rating actions follow a failure by Drax to meet...
Companies mentioned in this report are: AES Corp. (The)
Action: Downgraded, On CreditWatch Negative
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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