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Bulletin: Impairment Charge Does Not Affect AES Eastern Energy L.P.'s Credit Rating Feb 11
Standard & Poors, Feb 2011
Abstract
NEW YORK (Standard & Poor's) Feb. 16, 2011--Standard & Poor's Ratings Services said today that AES Corp.'s $830 million accounting impairment on the assets of AES Eastern Energy L.P. (AEE; B-/Neg/--) will have no impact on the rating. The impairment, which was recognized for the quarter and year-ended Dec. 31, 2010, will have no impact on the company's cash flows or can balances, nor does it create any additional cash demands in the future. The accounting impairment recognized the decline in power prices relative to that of coal and petroleum coke. However, this decline in margins has already been factored in our ratings, which declined to 'B+' from 'BB' on Nov. 15, 2010 and to 'B-' on Jan. 26, 2011....
Companies mentioned in this report are: AES Eastern Energy L.P.,AES Corp. (The)
Action: Bulletin
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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