Can The AES Corp. Turn the Corner? Feb 04

Standard & Poors, February 2004

Abstract
On Feb. 5, 2004, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on The AES Corp., and revised the company's outlook to stable from negative. The outlook revision reflects AES' success in addressing several of Standard & Poor's credit concerns over the past year, including execution of its asset sale program and related debt reduction, strengthening liquidity, reduction of near-term maturities, restructuring of its Brazilian businesses, and renewed access to the capital markets. AES' corporate credit rating incorporates its planned further debt reduction in 2004. The corporate credit rating on AES is based on the stand-alone creditworthiness of AES, which receives dividend streams from its equity investments in a diverse portfolio of energy assets. The rating is...

Companies mentioned in this report are: AES Corp. (The),AES Gener S.A.

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

AES Corp. (The),AES Gener S.A.

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