AES Red Oak, L.L.C. http://www.alacrastore.com/company-snapshot/AES_Red_Oak_L_L_C-2534414 Saturday, October 11, 2008 6:28:39 PM 2534414 AES Red Oak, L.L.C. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/663366spcred/663366normThe latest Summary from S&Pglobal8/5/2008 11:40:40 AM175Summary663366United StatesIndependent Power Producers & Energy TradersUnited StatesGlobal IssuersUtilitiesElectricSummaryThe ratings on power provider AES Red Oak LLC reflect historically low debt service coverage and merchant risk during the last eight years of the bond term. These weaknesses are mitigated by a 20-year power purchase agreement (PPA) that mitigates market exposure. Without the PPA, the project would operate under merchant conditions and may be unable to service its debt. If the project achieves superior operating and financial performance, the rating on AES Red Oak would still be constrained three notches above its parent, The AES Corp. (AES; BB-/Stable/--), based on our project finance methodology. AES Red Oak is a combined-cycle, natural gas-fired generation station in Middlesex County, N.J., with a nameplate capacity of 830 MW. It is 100% indirectlyUSA00103Y55105010 551050 5510 55AES Red Oak LLC342066USASUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600052318moodys/COP_600052318htmlGlobal Credit Research Credit Opinion ## JUN #### Credit Opinion: AES Red Oak, L.L.C. AES Red Oak, L.L.C. Arlington, Virginia, United States Ratings Category Moody's Rating Outlook Stable Senior Secured B# Contacts Analyst Phone Aaron...6/24/2008 12:33:06 AMhtmlAES Red Oak, L.L.C.AES Red Oak, L.L.C.600052318150.0000NewsCredit OpinionCOP_600052318Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/625370spcred/625370normThe latest Full Report from S&P1/11/2008 1:18:58 PMFull Report400global625370United StatesIndependent Power Producers & Energy TradersUnited StatesGlobal IssuersCorporationsUtilitiesElectricCapital GoodsFull ReportThe ratings on power provider AES Red Oak LLC reflect historically low debt service coverage, a continuing dispute with a counterparty, and merchant risk during the last eight years of the bond term. These weaknesses are mitigated by a 20-year power purchase agreement (PPA) that mitigates market exposure. Without the PPA, the project would operate under merchant conditions and may be unable to service its debt. If the project could resolve its disputes and achieve superior operating and financial performance, Standard&Poor's Ratings Services' rating on AES Red Oak would still be constrained three notches above its parent, The AES Corp. (AES; BB-/Stable/--), based on our project finance methodology. AES Red Oak is a combined-cycle, natural gas-fired generation stationUSA00103Y55105010 551050 5510 55AES Red Oak LLC342066USAFULLCOLBRAVENCHLCHNUSA00130H16889417025200104C00105D368731455434462613P2559EU0080R45543H00098312477A45543G55105010 551050 5510 5555101010 551010 5510 55C.A. La Electricidad De CaracasAES CHIVOR&CIA S.C.A. E.S.P.AES China Generating Co. Ltd.AES Corp. (The)AES Gener S.A.IPALCO Enterprises Inc.Indianapolis Power&Light Co.AES Sul Distribuidora Gaucha de Energia S.A.107509309097348234128347119486383443317895101185ASIALATAMERICAUSAEMERGINGAESIPLCHGNFAESL3@BZIPL1EDC@VCGLOBISSCORPUTILElectricCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/625376spcred/625376normThe latest Summary from S&P1/11/2008 1:18:58 PMSummary175global625376United StatesIndependent Power Producers & Energy TradersUnited StatesGlobal IssuersUtilitiesElectricSummaryThe ratings on power provider AES Red Oak LLC reflect historically low debt service coverage, a continuing dispute with a counterparty, and merchant risk during the last eight years of the bond term. These weaknesses are mitigated by a 20-year power purchase agreement (PPA) that mitigates market exposure. Without the PPA, the project would operate under merchant conditions and may be unable to service its debt. If the project could resolve its disputes and achieve superior operating and financial performance, Standard&Poor's Ratings Services' rating on AES Red Oak would still be constrained three notches above its parent, The AES Corp. (AES; BB-/Stable/--), based on our project finance methodology. AES Red Oak is a combined-cycle, natural gas-fired generation stationUSA00103Y55105010 551050 5510 55AES Red Oak LLC342066USASUMMARYUSAU0080R00104C00130H55105010 551050 5510 55AES Corp. (The)119486USAAESGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_62077_825700moodys/PR_62077_825700htmlRating Action12/21/2007 4:57:57 AMGlobal Credit Research Rating Action ## NOV #### Rating Action: Williams Companies, Inc. (The) MOODY'S DOWNGRADES AES RED OAK TO B#; OUTLOOK IS NEGATIVE New York, November ##, #### -- Moody's Investors Service downgraded the senior...Williams Companies, Inc. (The)825700150.00Newshtml600052318AES Red Oak, L.L.C.AES Red Oak, L.L.C.; Williams Companies, Inc. (The)PR_62077_825700Credit & Investment ResearchMoody's Global Credit Research