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AES Corp. $400M Notes and $200M ROARS Rated 'BB' Jun 01
Standard & Poors, June 2001
Abstract
NEW YORK (Standard & Poor's CreditWire) June 5, 2001--Standard & Poor's today assigned its double-'B' rating to AES Corp.'s $400 million senior-unsecured notes, due June 2008, and the company's $200 million remarketable or redeemable securities (ROARS) due June 2013 (remarketing date June 2003). The outlook is positive. AES plans to use the proceeds of the issues to temporarily repay outstanding debt under the company's revolving credit agreement, to fund all or a portion of the acquisition of Thermo Ecotek Corp., and for general corporate purposes. The increased debt results in Standard & Poor's projected funds-from-operations (based on projects in operation or in late stages of development) to interest coverage to slip to 3.0 times (x) from 3.2x, which remains adequate...
Companies mentioned in this report are: AES Corp. (The)
Action: New Rating
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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