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BULLETIN: Nonrecourse AES Drax Financing Remains Firm After AES Corp. Downgrade Oct 02
Standard & Poors, Oct 2002
Abstract
Standard & Poor's Ratings Services said today that its Oct. 3, 2002, downgrade of AES Corp.'s long-term corporate credit ratings to single-'B'-plus and their placement on CreditWatch with negative implications does not affect the senior and subordinated debt ratings on AES Drax group: AES Drax Energy Ltd. (subordinated; CCC/Watch Neg), AES Drax Holdings Ltd. (senior secured; BBB-/Negative), and InPower Ltd. (bank loan; BBB- Negative), collectively Drax. Typically, Standard & Poor's will not rate a subsidiary more than three notches above its parent even if the subsidiary is non-recourse to the parent and has met Standard & Poor's criteria for special purpose entities. Standard & Poor's believes that there are additional structural protections provided by the different legal jurisdictions in the...
Companies mentioned in this report are: AES Corp. (The)
Action: S&P Event
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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