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
- The AES Corp.
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