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AES Corp.'s $350M Senior Unsecured Notes Rated At 'BB-' Mar 09
Standard & Poors, March 2009
Abstract
NEW YORK (Standard & Poor's) March 30, 2009--Standard & Poor's Ratings Services assigned its 'BB-' rating to AES Corp.'s $350 million senior unsecured notes due 2016. As of Dec. 31, 2008, the Arlington, Va.-based electric power developer had $5.4 billion of recourse debt and trust-preferred securities. While the proceeds may be used for general corporate purposes, including financing of capital expenditures and working capital needs, we expect the notes to be primarily used for repaying or replacing the $750 million senior secured facility (resized to $605 million June 2010) and for replacing a $600 million Merrill Lynch senior unsecured synthetic revolver due in March 2010. The ratings on AES reflect its reliance on substantive distributions in jurisdictions with considerable regulatory...
Companies mentioned in this report are: AES Corp. (The)
Action: Affirmed
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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