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S&P Credit Research1889 word report
published Oct 30, 2009
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S&P Credit Research
| Abstract: | The ratings on The AES Corp. reflect its reliance on substantive distributions in jurisdictions with considerable regulatory and operating uncertainties, as well as its exposure to merchant power markets, most notably through subsidiary AES Eastern Energy L.P. (BB+/Stable). As of Sept. 30, 2009, the Arlington, Va.-based electric power developer had $5.4 billion of recourse debt and trust-preferred securities. Ratings reflect a combined effect of recessionary conditions across a number of markets in which AES operates, volatility in cash flow from currency depreciation, a growth strategy that relies heavily on debt, and recent weakness in the commodity markets. Other risks include continual growth expenditure requirements and an increase in corporate overheads over the past few years. While residual distributions from project
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: AES Corp. (The) Publication date: 30-Oct-2009 Primary Credit Analyst: Aneesh Prabhu, New York (1) 212-438-1285; aneesh_prabhu@standardandpoors.com Credit Rating: ##-/Stable/-- Rationale The...
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| Report Type: | Summary
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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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