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AES Corp. Proposed Bank Facility and Exchange Notes Rated 'BB' Preliminary Oct 02
Standard & Poors, Oct 2002
Abstract
NEW YORK (Standard & Poor's) Oct. 18, 2002--Standard & Poor's Ratings Services assigned its double-'B' preliminary rating to the AES Corp.'s proposed $1.62 billion senior secured bank facility and $350 million senior secured exchange notes. AES' single-'B'-plus corporate credit rating remains on CreditWatch with negative implications. Standard & Poor's views the default risk of the bank facility and exchange notes as 'B+', but the two-notch elevation of the ratings on these instruments reflects Standard & Poor's high degree of confidence that the collateral package provides enough value for secured lenders to realize 100% recovery in a default or stress scenario. The collateral package consists of 100% of AES' equity interests in its domestic businesses and 65% of the equity in...
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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