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AES Ironwood LLC May 06
Standard & Poors, May 2006
Abstract
AES Ironwood LLC is a 705 MW combined-cycle, natural-gas-fired generating station in South Lebanon Township, Pa. that sells its entire capacity and energy to Williams Power Co. Inc. (formerly known as Williams Energy Trading & Marketing Co.), a subsidiary of The Williams Cos. Inc. (Williams; B+/Positive/B-2), through a 20-year, purchase-power agreement (PPA). Williams unconditionally guarantees the obligations of Williams Power under the PPA. The rating on AES Ironwood cannot be higher than that of Williams, because in the absence of the PPA, the project would have to operate under merchant conditions and would likely not be able to service its debt in a timely manner. The stable outlook reflects Standard & Poor's Ratings Services' view that even if it did...
Companies mentioned in this report are: AES Ironwood LLC,Williams Cos. Inc. (The),AES Corp. (The)
Action: Review
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: Full Analysis
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