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AES Corp. Forges Ahead with Asset Sales Apr 03
Standard & Poors, April 2003
Abstract
NEW YORK (Standard & Poor's) April 3, 2003- In determining The AES Corp.'s 'B+' rating and negative outlook, Standard & Poor's Ratings Services has estimated parent operating cash flow/interest coverage in 2003 of between 1.5x and 1.7x and parent operating cash flow/debt of 14% to 15% given a range of projected distributions from subsidiaries from $900 million to $1 billion. Given AES' cash flow profile, these numbers are indicative of a credit in the 'B' category, according to a report published today by Standard & Poor's Ratings Services. Standard & Poor's assumes that AES will continue to make progress on its asset sales program. The proceeds will provide the majority of funds necessary to pay down 50%, or about $810...
Companies mentioned in this report are: AES Corp. (The)
Action: S&P Event
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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