Ratings On AES Red Oak's $384 Mil. Bonds Are Affirmed; Outlook Revised To Stable May 06

  • ID: 1833619
  • May 2006
  • Standard & Poors
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  • Red Oak Power LLC
  • The AES Corp.
  • The Williams Cos. Inc.
  • MORE

NEW YORK (Standard & Poor's) May 3, 2006--Standard & Poor's Ratings Services today said that it had affirmed its 'B+' rating on AES Red Oak LLC's $384 million senior secured bonds (about $365 million outstanding as of December 2005) and revised its outlook to stable from positive. The outlook revision follows Standard & Poor's annual review of the project. AES Red Oak is a combined-cycle, natural gas-fired generation station in Middlesex County, N.J. with a nameplate capacity of 830 MW. It is 100% indirectly owned by The AES Corp. (AES; BB-/Stable/--), and sells its capacity and energy to Williams Power Co. Inc. under a 20-year, purchased-power agreement (PPA). The Williams Cos. Inc. (Williams; B+/Positive/B-2) guarantees Williams Power's obligations under the...

Companies mentioned in this report are:
- Red Oak Power LLC
- The Williams Cos. Inc.
- The AES Corp.

Action: Affirmed
Action: Outlook: Stable

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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2 of 3

- Red Oak Power LLC
- The Williams Cos. Inc.
- The AES Corp.

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