Moody's drops AES El Salvador

Moody's Investors Service said it downgraded the senior unsecured long debt rating and corporate family rating of AES El Salvador Trust to Ba2 from Ba1, concluding a review of the ratings initiated Jan. 30.

The outlook is negative.

According to Moody's, the 6.75% guaranteed senior global notes due 2016 are guaranteed by four affiliated electric distribution subsidiaries that are 80% owned by the AES Corp. (B1).

These electric distribution subsidiaries, which also act as guarantors, are Compania de Alumbrado Electrico de San Salvador, Empresa Electrica de Oriente, AES Clesa y Compania and Distribuidora Electrica de Usulutan, the agency noted.

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