Moody's trims AES El Salvador Trust II

Moody's Investors Service said it downgraded the ratings for AES El Salvador Trust II (Trustco II) to Caa1 from B3, including its corporate family rating and the rating on the company's senior unsecured notes.

“The downgrade reflects Trustco II's heightened refinancing risk for the $310 million notes that will mature in March 2023, given the current challenging financing conditions in the local and global markets. Also, liquidity position of Trustco II will be tight in 2022, indicating a higher likelihood of a default event,” Moody’s said in a press release.

The outlook remains negative.

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