Summary: AES Panama S. A. Sep 11
Standard & Poors, September 2011
Abstract
Standard & Poor's Ratings Services' ratings on AES Panama S.A. incorporate our opinion that there is a "moderately high" likelihood of timely and sufficient extraordinary support from the Republic of Panama (foreign currency: BBB-/Positive/A-3; local currency: BBB-/Positive/A-3) to AES Panama in the event of financial distress. In accordance with our criteria for government-related entities, our view of a "moderately high" likelihood of extraordinary government support is based on our assessment of AES Panama's "important" role as the largest low-cost power generator in the country and its "strong" link to the government, given the latter's majority ownership stake in the company. To-date, the Panamanian government remains AES Panama's controlling shareholder, with a 51% stake. The AES Corp. (BB-/Stable/--) holds a 49%...
Companies mentioned in this report are: AES Panama S. A.,The AES Corp.,Republic of Panama
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
AES Panama S. A.,The AES Corp.,Republic of Panama
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