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AES Corp. 'BB' Bank Facility/Exchange Note Ratings Made Final Jan 03
Standard & Poors, Jan 2003
Abstract
NEW YORK (Standard & Poor's) Jan. 3, 2003--Standard & Poor's Ratings Services today affirmed its 'BB' ratings on The AES Corp.'s (AES) $1.62 billion senior secured bank facility and $350 million senior secured exchange notes. Approximately $258 million of exchange notes were issued. The ratings have been changed to final from preliminary. 'Standard & Poor's views the default risk of the bank facility and exchange notes as equal to the 'B+' corporate credit rating of AES, but the two-notch elevation of the ratings on these instruments reflects Standard & Poor's high degree of confidence that the collateral package provides enough value for secured lenders to realize 100% recovery in a default or stress scenario,' said credit analyst Scott Taylor. The...
Companies mentioned in this report are: AES Corp. (The)
Action: Rating Revised
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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