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AES Eastern Energy L.P. May 06
Standard & Poors, May 2006
Abstract
AES Eastern Energy L.P. (AEE) is a wholly owned subsidiary of AES New York Funding LLC and AES NY2, which are wholly owned by The AES Corp. (AES; BB-/Stable/--). AEE owns and operates four coal-fired generation assets, representing 1,268 MW of electric generation capacity in western New York. Standard & Poor's Ratings Services' 'BB+' rating on AEE's $550 million pass-through certificates due 2029 and on its $75 million bank loan reflects AEE's stand-alone credit quality. It is also constrained at a level one notch above its current rating by the rating of its 100% owner, AES. In most circumstances, Standard & Poor's will not rate the debt of a wholly owned subsidiary higher than the rating of the parent. However,...
Companies mentioned in this report are: AES Eastern Energy L.P.,AES Corp. (The)
Action: Review
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: Full Analysis
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