S&P rates AES notes BB

S&P said it assigned its BB issue-level rating and 3 recovery rating to AES Corp.'s proposed $1 billion senior notes due 2021 and 2023.

The 3 recovery rating reflects an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default.

The company intends to use net proceeds from the issuance primarily to refinance its 2020 and 2021 maturities.

The outlook is stable.

The agency said the BB corporate credit rating on AES is based on an assessment of a satisfactory business risk profile and aggressive financial risk profile.

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