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AES Red Oak LLC Bond Rating Removed from CreditWatch; 'BBB-' Rating Affirmed Jan 02
Standard & Poors, Jan 2002
Abstract
NEW YORK (Standard & Poor's) Jan. 17, 2002--Standard & Poor's today affirmed its triple-'B'-minus rating on AES Red Oak LLC's $384 million senior secured bonds. At the same time Standard & Poor's removed the rating from CreditWatch with negative implications, where it was placed on March 14, 2001. The outlook is stable. This action follows a series of events that have occurred following the bankruptcy filing of Washington Group International (WGI), the construction contractor for the plant. While construction on the project is behind schedule, Raytheon Co. (triple-'B'-minus/Negative), the guarantor of the engineering, procurement, and construction (EPC) contract, has assumed full completion risk in accordance with the terms of the original EPC contract. Because Raytheon has accepted all cost overrun...
Companies mentioned in this report are: AES Red Oak LLC,Raytheon Co.,AES Corp. (The)
Action: Affirmed, Off CreditWatch
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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