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Moody's cuts AES China Generating view to negative
Moody's Investors Service said it changed to negative from stable its outlook for the B1 senior unsecured bond rating of AES China Generating Co. Ltd.
The outlook change follows plans by the company to sell its 70% interest in Jiaozuo AES Wan Fang Power for $76.9 million. The sale is contingent on approvals.
The negative outlook reflects its increased concentration risks after the assets sale, Moody's said. This is because Jiaozuo is the second largest cash flow and capacity contributor to AES China Generating, accounting for about 20% of the company's total cash inflow and capacity in 2007, the agency said.
The high fuel costs and challenging environment in the China power sector also could negatively impact the company, Moody's said.
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