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BULLETIN: BNDES Foreclosure Would Not Result in Default of AES Parent-Level Indebtedness Mar 03
Standard & Poors, March 2003
Abstract
Standard & Poor's Ratings Services is closely following the recent developments in Brazil between The AES Corp. (B+/Negative/--) and BNDES, and will take no rating action at this time. AES has disclosed that certain bankruptcy events at 'material subsidiaries' will cross-default to AES' unsecured notes. AES has indicated that neither AES ELPA nor AES TRANSGAS is a material subsidiary for purposes of bankruptcy-related events of default contained in AES' parent company indebtedness documentation. Therefore, neither default, foreclosure, nor bankruptcy of ELPA or TRANSGAS, or the foreclosure of BNDES on AES' equity interests would constitute an event of default under any of AES' parent level indebtedness. However, Eletropaulo is a material subsidiary for purposes of bankruptcy-related events of default contained in...
Companies mentioned in this report are: The AES Corp.,Federative Republic of Brazil,Banco Nacional de Desenvolvimento Economico e Social,Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
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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