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AES Corp. Ratings Lowered One Notch and Removed From CreditWatch; Outlook Negative Jun 02
Standard & Poors, June 2002
Abstract
NEW YORK (Standard & Poor's) June 6, 2002--Standard & Poor's today lowered its double-'B' corporate credit and senior unsecured debt ratings on The AES Corp. to double-'B'-minus, its single-'B'-plus rating on AES' subordinated debt to single-'B', and its single-'B' rating on the company's trust preferred securities to single-'B'-minus, and removed all the ratings from CreditWatch with negative implications. The outlook is negative. 'The downgrade is due primarily to the increasingly challenging environment that AES is facing in managing businesses in Latin America,' said credit analyst Scott Taylor. 'Specifically, political instability in Venezuela and Brazil has made refinancing current obligations more challenging than usual, which could limit distributions, and a weakening currency in Venezuela could also weaken dollar-denominated distributions from that...
Companies mentioned in this report are: AES Corp. (The),AES Gener S.A.
Action: Downgraded, On CreditWatch Negative
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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