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AES Drax Ltd. 'B+' Ratings Removed from Watch Neg; Outlook Negative Jul 02
Standard & Poors, July 2002
Abstract
LONDON (Standard & Poor's) July 2, 2002--Standard & Poor's said today it removed its single-'B'-plus debt ratings on AES Drax Energy Ltd.'s $200 million and -135 million ($197 million) subordinated notes from CreditWatch with negative implications following approval by senior bank lenders for a request to waive a technical default regarding the terms of insurance. At the same time, Standard & Poor's affirmed its ratings on AES Drax Energy. The outlook is negative. 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). The issuer together with InPower Ltd. and AES Drax Holdings Ltd. (collectively Drax) ultimately provided funds for AES Drax Ltd.'s...
Companies mentioned in this report are: AES Corp. (The)
Action: Affirmed, Off CreditWatch
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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