Ratings On AES Red Oak's $384 Mil. Bonds Are Affirmed; Outlook Revised To Stable May 06
- ID: 1833619
- May 2006
- Standard & Poors
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: Outlook: Stable
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Research type: News
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