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AES Drax Energy Subordinated Debt Ratings Lowered To 'D' After Missing Interest Payment Mar 03
Standard & Poors, March 2003
Abstract
LONDON (Standard & Poor's) March 3, 2003--Standard & Poor's Ratings Services said today it lowered its subordinated debt ratings on AES Drax Energy Ltd.'s (Drax Energy) -135 million ($213 million) and $200 million notes to 'D' from 'C', and removed them from CreditWatch where they were placed on Aug. 20, 2002. Drax Energy, InPower Ltd., and AES Drax Holdings Ltd. (collectively Drax) provided funds for the acquisition of the 4-gigawatt Drax coal-fired power plant in northern England on Nov. 30, 1999. The downgrade follows the nonpayment of interest due on the notes on Feb. 28, 2003, and the downgrade on Dec. 16, 2002, of senior debt issued by InPower and Drax Holdings. 'Drax Energy does not have sufficient funds to...
Companies mentioned in this report are: AES Corp. (The)
Action: Downgraded
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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