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AES Drax Rtgs Placed on CreditWatch Negative After Insurance Problems and Lower Power Prices Dec 01
Standard & Poors, Dec 2001
Abstract
LONDON (Standard & Poor's) Dec. 3, 2001--Standard & Poor's today placed its ratings on the following companies' debt on CreditWatch with negative implications: -- InPower Ltd.'s -905 million ($1,289 million) triple-'B'-minus rated secured bank loan; -- AES Drax Holdings Ltd.'s -200 million and $302.4 million triple-'B'-minus rated senior secured bonds; and -- AES Drax Energy Ltd.'s -135 million and $200 million double-'B'-minus rated subordinated notes. These three issuers (collectively Drax) ultimately provided funds for AES Drax Ltd.'s capitalization after The AES Corp. (AES; BB/Stable/--) acquired the 4-gigawatt Drax coal-fired power plant in northern England on Nov. 30, 1999. (See list below for the rating actions). The CreditWatch placement on Drax comes after a series of events, the key one being...
Companies mentioned in this report are: Enron Corp.,AES Corp. (The),TXU Europe Ltd.
Action: On CreditWatch:Negative
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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