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AES Corp. Attempts to Beat the Refinancing Curve Oct 02
Standard & Poors, Oct 2002
Abstract
Standard & Poor's believes that the largest credit concern in the energy merchant sector today is liquidity and refinancing risk. Recently, Standard & Poor's estimated the volume of refinancing needs in the sector to be about $30 billion to $50 billion between now and 2006. As energy companies struggle with upcoming maturities, they are being forced to pay higher interest rates, offer security, or both. U.S.-based electricity provider AES Corp. is no exception, and is one of the first of many players that will be forced to address these concerns. Its recent announcement of a proposed bank/bond transaction that would lock up virtually its entire asset base as security in exchange for pushing off nearly all of its upcoming debt...
Companies mentioned in this report are: CILCORP Inc.,AES Corp. (The),Ameren Corp.,NewEnergy Inc.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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