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AES Drax Energy Ltd. 'CCC' Rtgs Still on Watch Negative After Receipt of AES Corp. Support Aug 02
Standard & Poors, Aug 2002
Abstract
LONDON (Standard & Poor's) Aug. 30, 2002--Standard & Poor's Ratings Services said today that its triple-'C' ratings on AES Drax Energy Ltd.'s (Drax Energy) $200 million and -135 million ($206 million) secured subordinated notes remain on CreditWatch with negative implications. The CreditWatch update takes into account the fact that Drax Energy has now received -8 million from AES Corp. (BB-/Negative/--) through a direct capital contribution. Together with the money that is still available in the debt service reserve account at Drax Energy, this is sufficient to make the -15 million interest payment later today. The issuer, together with InPower Ltd. and AES Drax Holdings Ltd. (collectively Drax), ultimately provided funds for AES Drax Ltd.'s capitalization after the AES Corp. acquired...
Companies mentioned in this report are: AES Corp. (The)
Action: CreditWatch Update
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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