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Fitch Rates AES Panama's Proposed $300MM Issuance 'BBB-'; Outlook Stable.

Publication: Business Wire
Publication Date: 08-DEC-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- Fitch assigns a preliminary rating of 'BBB-' to AES Panama proposed issuance of $300 million in senior unsecured notes. Fitch has also assigned a 'BBB-' foreign and local currency Issuer Default Ratings (IDRs) to AES Panama, S.A. The Rating Outlook is Stable. The notes will have a tenor of 10 years with a bullet amortization. The notes benefit from a six months debt service reserve account. The proceeds of the notes will be mainly used to repay existing debt of the company, $271 million as of Sept. 30, 2006, for financing costs and repayment premiums, and a small portion for general corporate purposes. This new bullet maturity transaction is expected to improve the debt service payments of the company and extend the final maturity, although the bullet amortization will increase refinancing risk at maturity.

AES Panama's ratings are based on its strong portfolio of assets, competitive...

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