Fitch rates AES notes BB

Fitch Ratings said it has assigned a BB rating to AES Corp.'s (issuer default rating BB-/stable outlook) $500 million of senior unsecured notes due May 15, 2023.

Proceeds from the debt issuance, along with cash on hand, will be used to redeem 2014 and 2015 debt maturities and reduce total recourse debt at AES, the agency noted.

The outlook is stable.

According to Fitch, the stable outlook reflects diversity and quality of cash flow from its regulated and long-term contracted electricity generation businesses. The company also benefits from a sufficient liquidity position, manageable debt maturities over next two years and its ability to support and manage a rising capital expenditure at its key subsidiaries in the United States, Chile and Philippines.

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