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AES Rating Raised To 'BB-' Due To Debt Reduction And Improved Financial Metrics Mar 06
Standard & Poors, March 2006
Abstract
NEW YORK (Standard & Poor's) March 29, 2006--Standard & Poor's Ratings Services said today that it raised its corporate credit rating on diversified energy company The AES Corp. to 'BB-' from 'B+'. The outlook is stable. As of Dec. 31, 2005, the Arlington, Va.-based company had $4.892 billion of debt outstanding. The upgrade follows Standard & Poor's review of the company following its financial restatements completed in January. 'The upgrade reflects the company's reduction of parent level leverage and resulting improved parent-level financial metrics,' said Standard & Poor's credit analyst Scott Taylor. Although AES continues to have material weaknesses in its accounting controls that it needs to address, and future restatements are not out of the question, in our view,...
Companies mentioned in this report are: AES Corp. (The)
Action: Outlook: Stable
Action: Upgraded
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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