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AES Corp. Affirmed at 'BB' Jan 00
Standard & Poors, Jan 2000
Abstract
NEW YORK (Standard & Poor's CreditWire) Jan. 27, 2000--Standard & Poor's today affirmed its double-'B' issuer credit rating on the AES Corp. The outlook is stable. The affirmation comes after AES Corp.'s announcement that it has increased its ownership in Electropaulo Metropolitana (Metropolitana). AES has agreed to purchase 59% of the outstanding preferred shares of Metropolitana from BNDS for 1.94 billion reais (approximately US$1.1 billion) which has the effect of increasing AES' total ownership in Metropolitana to 45.4%. The purchase will be made in four annual installments with the first installment, equal to about US$200 million, being paid at the close of the transaction. AES Corp is funding this acquisition with a US$900 million non-interest paying loan from BNDS and...
Companies mentioned in this report are: AES Corp. (The)
Action: Affirmed
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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