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Fitch ups AES to BBB-
Fitch Ratings said it upgraded AES Corp.’s long-term issuer default rating to BBB- from BB+.
“AES’ rating upgrade reflects the higher-than-expected debt paydown in 2019, as well as its continued effort to de-risk its portfolio and strengthen its balance sheet. Fitch expects AES to achieve an average recourse debt/APOCF (Adjusted Parent-Only Cash Flow) of approximately 3.5x from 2019 to 2021, exceeding our upgrade rating trigger of 3.8x,” said Fitch in a press release.
Fitch also affirmed Ipalco Enterprises, Inc.’s at BBB- and the Indianapolis Power & Light Co. at BBB+.
The outlook is stable.
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