Drax Sub Debt Rtgs Lowered to 'B+'; Drax 'BBB-' Debt Rtgs Affirmed; Off WatchNeg; Outlook Neg Jan 02

  • ID: 1834996
  • January 2002
  • Standard & Poors
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  • AES Drax Energy Ltd.
  • AES Drax Holdings Ltd.
  • The AES Corp.
  • MORE

LONDON (Standard & Poor's) Jan. 10, 2002--Standard & Poor's today affirmed its triple-'B'-minus senior secured debt ratings on InPower Ltd.'s bank loan and AES Drax Holdings Ltd.'s bond issues. At the same time, Standard & Poor's lowered its ratings on AES Drax Energy Ltd.'s subordinated notes to single-'B'-plus from double-'B'-minus. All ratings were removed from CreditWatch where they were placed on Dec. 3, 2001. The outlook for all ratings is now negative. (See list below for all rating actions). These three issuers (collectively Drax) ultimately provided funds for AES Drax Ltd.'s capitalization after the AES Corp. acquired the 4-gigawatt Drax coal-fired power plant in northern England on Nov. 30, 1999. The CreditWatch resolution follows Standard & Poor's assessment of additional...

Companies mentioned in this report are:
- AES Drax Energy Ltd.
- The AES Corp.
- AES Drax Holdings Ltd.

Action: Various Rating Actions

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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2 of 3

- AES Drax Energy Ltd.
- The AES Corp.
- AES Drax Holdings Ltd.

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Note: Product cover images may vary from those shown


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