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Fitch affirms AES issuer default rating B+
Fitch Ratings said it has affirmed AES Corp.'s issuer default rating at B+.
Fitch also said it affirmed and withdrew the ratings for the company's junior convertible debt. The outlook for all remaining instruments is stable.
AES' ratings reflect the high degree of parent company recourse debt, the structural subordination of that debt to project level debt and the reliance on distributions from its subsidiaries for parent company debt service, Fitch said.
Offsetting, in part, the company's financial risk is the solid base of utility and contracted generation as well as the unparalleled diversity of cash flow sources.
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