S&P affirms AES Red Oak debt

Standard & Poor's said it affirmed its BB- rating on AES Red Oak LLC's senior secured debt based on the company's change in ownership to a fund of Energy Capital Partners from a subsidiary of AES Corp.

The senior secured debt consists of $384 million of senior secured bonds, including $224 million 8.54% bonds due 2019 and $160 million 9.2% bonds due 2029.

The outlook is stable.

The project company's name is now Red Oak Power LLC and its holding company is Red Oak Intermediate Holdings LLC.

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