Fitch affirms AES

Fitch Ratings said it affirmed AES Corp.'s long-term issuer default rating at B+, short-term issuer default rating at B, senior secured debt at BB+/RR1 and senior unsecured debt at BB/RR1 and AES Trust III's trust preferred stock at B+/RR4.

The outlook is stable.

The agency said AES' ratings reflect high debt leverage, reliance on subsidiary distributions and structural subordination of its debt to project level debt.

Mitigating factors are the diversity and stability of cash flows from subsidiaries engaged in contracted power generation and regulated utility distribution of electricity, Fitch said.

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