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AES Gener Rating Placed on CreditWatch Positive Nov 03
Standard & Poors, Nov 2003
Abstract
NEW YORK (Standard & Poor's) Nov. 14, 2003--Standard & Poor's Rating Services said today that it placed its 'B' local and foreign currency corporate credit ratings on Chile-based power generator AES Gener S.A. on CreditWatch with positive implications. The rating action follows the company's announcement of a financial strengthening plan including a US$300 million capital increase that will be applied to reduce debt, and the refinancing of remaining obligations. 'This plan should strongly improve AES Gener's capital structure and liquidity and significantly extend the average life of its financial debt, alleviating refinancing risk,' said Standard & Poor's credit analyst Sergio Fuentes. 'Because the current ratings mainly reflect AES Gener's relatively weak liquidity position, combined with its poor access to credit...
Companies mentioned in this report are: AES Gener S.A.,AES Corp. (The)
Action: On CreditWatch:Positive
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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