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AES Corp. Rating Lowered to 'B+'; Placed on CreditWatch Negative Oct 02
Standard & Poors, Oct 2002
Abstract
NEW YORK (Standard & Poor's) Oct. 3, 2002--Standard & Poor's Ratings Services today lowered its corporate credit and senior unsecured debt ratings on The AES Corp. to single-'B'-plus from double-'B'-minus, its rating on AES' subordinated debt to single-'B'-minus from single-'B', and its rating on the company's trust preferred securities to triple-'C'-plus from single-'B'-minus, and placed the ratings on CreditWatch with negative implications. The downgrade follows AES' launch of a $1.62 billion secured bank facility, combined with up to $350 million in senior secured exchange notes maturing December 2005. AES has tendered for the $300 million senior unsecured notes due in December 2002, offering 50% of face value in cash at closing and 50% of face value in senior secured exchange...
Companies mentioned in this report are: AES Corp. (The)
Action: Downgraded, On CreditWatch Negative
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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