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AES Eastern Energy L.P. Dec 09
Standard & Poors, Dec 2009
Abstract
The rating on electricity generator AES Eastern Energy L.P.'s (AEE) $550 million pass-through certificates due 2029 and its $75 million revolving credit facility bank loan is 'BB+'. Structural enhancements that insulate AEE allow a degree of separation from the creditworthiness of parent The AES Corp. (AES; BB-/Stable/--), resulting in a two-notch differential. Standard & Poor's Ratings Services bases the higher rating for AEE on its stand-alone credit quality. The pass-through certificates have a recovery rating of '1', indicating a strong expectation of very high (90%-100%) recovery if the company defaults on a payment. AEE is a wholly owned subsidiary of AES New York Funding LLC and AES NY2, which in turn are wholly owned by AES. AEE owns and operates...
Companies mentioned in this report are: AES Eastern Energy L.P.,AES Corp. (The)
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 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: Full Analysis
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