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S&P Credit Research752 word report
published Nov 06, 2009
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| Abstract: | NEW YORK (Standard&Poor's) Nov. 6, 2009--Standard&Poor's Ratings Services noted AES Corp.'s (BB-/Stable/--) announcement of a binding stock purchase agreement with a wholly-owned investment subsidiary of China Investment Corporation (CIC) to raise $1.58 billion of new equity as a credit positive but does not affect ratings or outlook. The funds will be used to fund growth opportunities instead of debt reduction, which could turn out to be credit neutral. While growth could expand the company's geographical footprint, we would still expect investments to be biased towards long-term contracted businesses. At close, CIC will have an approximately 15% stake in the company. CIC will also raise an additional $571 million of equity for an approximate 35% interest in
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: AES Corp.'s Planned Sale Of $1.58 Billion In Stock To China Investment Corporation Does Not Affect Ratings Publication date: 06-Nov-2009 Primary Credit Analyst: Aneesh Prabhu, New York (1) 212-438-1285;...
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| Report Type: | Bulletin
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| Ticker: | AES
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| Issuer: | AES Corp. (The)
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| GICS: | Independent Power Producers & Energy Traders (55105010)
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| Sector: | Global Issuers
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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