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AES Corp.'s Trust VII Preferred Securities Assigned 'B' Rating; ICR 'BB' Rating Affirmed May 00
Standard & Poors, May 2000
Abstract
NEW YORK (Standard & Poor's CreditWire) May 12, 2000--Standard & Poor's today assigned its single-'B' rating to AES Corp.'s $400 million trust convertible preferred securities (AES Trust VII) and affirmed its double-'B' issuer credit rating on the AES Corp. The affirmation comes after AES Corp.'s recent announcements. First, AES has made a tender offer to purchase 51% of the outstanding shares of C.A. La Electricidad de Caracas (including shares represented by American Depositary Shares) at a price of US$23.50 per share. The total purchase price is expected to be approximately $850 million. Second, AES has announced that it has signed a purchase agreement to buy Southern California Edison Co.'s (single-'A'-plus/Positive/'A-1')885MW ownership interest in the 1,580MW Mohave. Generating station located in...
Companies mentioned in this report are: AES Corp. (The),Southern California Edison Co.
Action: New Rating
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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