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Summary: AES Eastern Energy L.P. Sep 05 Product Image

Summary: AES Eastern Energy L.P. Sep 05

  • ID: 1834656
  • September 2005
  • Standard & Poors

FEATURED COMPANIES

  • Hydro-Quebec
  • Long Island Pwr Auth
  • New York St Pwr Auth
  • The AES Corp.
  • MORE

Abstract
AES Eastern Energy L.P. (AEE) is a wholly owned subsidiary of AES New York Funding LLC and AES NY2, which are wholly owned by The AES Corp. (AES; B+/Positive/--). AEE owns and operates four coal-fired generating assets, representing 1,268 MW of electric generating capacity in western New York. The 'BB+' rating on AEE's $550 million pass-through certificates due 2029 and on its $75 million bank loan reflects AEE's stand-alone credit quality, but also is constrained by the rating of its 100% owner, AES. In most circumstances, Standard & Poor's will not rate the debt of a wholly owned subsidiary higher than the rating of the parent. Exceptions can be made, and were in this case, up to a maximum of...

Companies mentioned in this report are:
- New York St Pwr Auth
- Long Island Pwr Auth
- Hydro-Quebec
- The AES Corp.

Action: Review

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 READ MORE >

- New York St Pwr Auth
- Long Island Pwr Auth
- Hydro-Quebec
- The AES Corp.

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