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AES Eastern Energy L.P. Rating Lowered to 'BB+' Following AES Downgrade Oct 02
Standard & Poors, Oct 2002
Abstract
NEW YORK (Standard & Poor's) Oct. 3, 2002--Standard & Poor's Ratings Services today lowered its ratings on AES Eastern Energy L.P.'s $550 million pass through certificates and $50 million working capital facility bank loan to double-'B'-plus from triple-'B'-minus solely due to AES Eastern's rating linkage to The AES Corp. (AES). The rating was also placed on CreditWatch with negative implications. 'The rating action is directly attributable to the downgrade of AES' ratings,' said credit analyst Arleen Spangler. 'There have been no other events that in and of themselves would have caused a rating action on this subsidiary.' In most circumstances Standard & Poor's will not rate the debt of a wholly owned subsidiary higher than the rating of the parent....
Companies mentioned in this report are: AES Eastern Energy L.P.,AES Corp. (The)
Action: Downgraded
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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