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Bulletin: AES Eastern Energy L.P. Ratings Unchanged After Holding Company Default On LOC Dec 11
Standard & Poors, Dec 2011
Abstract
NEW YORK (Standard & Poor's) Dec. 9, 2011-- Standard & Poor's Ratings Services said today that its 'CC' ratings on AES Eastern Energy L.P.'s (AEE) $550 million pass-through certificates are unchanged following the announcement that AES New York Surety LLC (AES NY Surety), an intermediate holding company of AEE, did not extend a forbearance agreement on its unrated $30 million letter-of-credit (LOC) facility due July 2, 2011, and thereby defaulted on the facility. Earlier, AES NY Surety had cured the nonrepayment by entering into a forbearance agreement through Oct. 6, 2011, initially, and then with an extension through Dec. 7, 2011. Our ratings on AEE's $550 million pass-through certificates ($449 million outstanding) due 2029 continue to remain 'CC' with a...
Companies mentioned in this report are: AES Eastern Energy L.P.
Action: Bulletin
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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