S&P affirms AES Ironwood

Standard & Poor's said it affirmed its B rating on AES Ironwood's $308.5 million 8.875% senior secured bonds due 2025. The 3 recovery rating is unchanged.

The outlook is stable.

The rating action follows an announcement that PPL Generation entered into a definitive agreement to acquire all equity interests of AES Ironwood LLC and AES Prescott LLC, which together own and operate AES Ironwood.

S&P said the affirmation reflects its view that the pending change in ownership does not affect Ironwood's credit profile.

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