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AES Ironwood LLC 'BBB-' Senior-Secured Bond Rating Affirmed Jan 01
Standard & Poors, Jan 2001
Abstract
NEW YORK (Standard & Poor's CreditWire) Jan. 2, 2001--Standard & Poor's today affirmed its triple-'B'-minus rating on AES Ironwood LLC's $308.5 million senior secured bonds. The outlook is stable. This affirmation follows Standard & Poor's periodic review of the construction progress, which is currently on schedule and within budget. The project's construction is moving forward with engineering 98.2% complete, procurement 99.0% complete, and construction 56.2% complete. Project management expects final completion to be achieved by the guaranteed completion date under the engineering, procurement, and construction (EPC) contract. The triple-'B'-minus rating reflects the following risks: -- The possibility that in the last 4.5 years of the bond term, if a replacement contract is not executed, the remaining project debt of 27.1%...
Companies mentioned in this report are: AES Ironwood LLC,Metropolitan Edison Co.,AES Corp. (The)
Action: Affirmed
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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