Drax Sub Debt Rtgs Lowered to 'B+'; Drax 'BBB-' Debt Rtgs Affirmed; Off WatchNeg; Outlook Neg Jan 02
- ID: 1834996
- January 2002
- Standard & Poors
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
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Research type: News
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