NEW YORK (Standard & Poor's CreditWire) Jan. 2, 2001--Standard & Poor's today announced that AES Corp.'s double-'B' rating remains on CreditWatch with positive implications where it was placed on July 17, 2000. The affirmation follows AES Corp.'s issuance of $300 million of senior unsecured notes due December 2002. According to AES the proceeds of the issue will be used to help fund the purchase of the Chilean utility Gener (triple-'B'-plus/Watch Neg/--) and for general corporate purposes. The additional debt does not have a significant impact on AES' consolidated capital structure, which includes more than $13 billion in nonrecourse project financing debt. Recourse debt as a percentage of adjusted capitalization (i.e., total capitalization minus nonrecourse debt) will increase slightly to 41%...
Companies mentioned in this report are:
- The AES Corp.
- AES Gener S.A.
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