Moody’s eyes AES El Salvador Trust II for cut

Moody’s Investors Service said it placed the B2 ratings of AES El Salvador Trust II (Trustco II) under review for a possible downgrade.

Trustco II issued the $310 million of 10-year senior global notes due in 2023 for the benefit of four affiliated electric distribution companies in El Salvador: Compania de Alumbrado Electrico de San Salvador SA de CV (CAESS), Empresa Electrica de Oriente, SA de CV (EEO), AES CLESA and Distribuidora Electrica de Usulutan. These four distribution utilities are majority-owned by the AES Corp. and guarantee the debt of Trust II.

The review comes after Moody’s placed El Salvador’s sovereign bond rating under review for a possible downgrade, the agency said.

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