BUENOS AIRES (Standard & Poor's) July 4, 2002--Standard & Poor's said today it lowered its corporate credit and senior unsecured debt ratings on the Republic of Chile-based electricity generator AES Gener S.A. to double-'B' from triple-'B'-minus, reflecting deteriorating financial parameters combined with low liquidity, restricted access to the credit market, and high refinancing risk. The ratings remain on CreditWatch with negative implications, where they were placed on May 31, 2002. At March 31, 2002, AES Gener had $1.2 billion of consolidated debt (excluding Chivor, a 1,000-megawatt power generator in Colombia). Of this, about $35 million will mature in the second half of 2002, and about $850 million in 2005 and 2006 (of which, almost $700 million is at AES Gener's...
Companies mentioned in this report are:
- AES Gener S.A.
- The AES Corp.
Action: Downgraded, On CreditWatch Negative
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Research type: News
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