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BULLETIN: AES Corp. Equity Issuance Results in $339.9 Million of Net Proceeds Jun 03
Standard & Poors, June 2003
Abstract
NEW YORK (Standard & Poor's) June 24, 2003--Standard & Poor's Ratings Services said today that The AES Corp.'s equity issuance that resulted in $339.9 million of net proceeds, while positive for credit, will not affect its 'B+' rating or negative outlook. Standard & Poor's views AES' continued execution of its deleveraging plan favorably. AES has reduced its parent level debt by over $1 billion since January 2002, prior to any debt paydown from proceeds of the equity issuance, and has substantially improved its liquidity position. However, AES' 12-month trailing dividends from subsidiaries have also fallen from about $1.3 billion to $1.0 billion over the same time frame. AES still needs to stabilize its dividend stream in order to stabilize its...
Companies mentioned in this report are: AES Corp. (The)
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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