Fitch Maintains Rating Watch Negative for AES Puerto Rico L.P.'s Senior Bonds

SAN FRANCISCO--()--Fitch Ratings has maintained the Rating Watch Negative on the following AES Puerto Rico L.P. (AES PR) securities issued through Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority:

--$161.87 million cogeneration facility revenue bonds, series A (tax-exempt bonds) due June 2026 at 'CC';

--$33.1 million cogeneration facility revenue bonds, series B (taxable bonds) due June 2022 at 'CC'.

The rating affirmation reflects Fitch's view of the credit quality of Puerto Rico Electric Power Authority (PREPA). PREPA is the revenue counterparty under AES PR's power purchase agreement and its ratings at 'CC', Rating Watch Negative constrain the rating of AES PR.

For more commentary on Fitch's Public Power rating action on PREPA, please see 'Fitch: PREPA Restructuring Still Probable Despite Forbearance Agreements' (dated Aug. 19, 2014) and 'Fitch Downgrades Puerto Rico Electric Power Auth's Rev Bonds; Maintains Watch Negative' (dated June 26, 2014) available on Fitch's website at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Rating Criteria for Infrastructure and Project Finance' (July 11, 2012);

--'Rating Criteria for Thermal Power Projects' (July 30, 2014).

Applicable Criteria and Related Research:

Rating Criteria for Thermal Power Projects

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753208

Rating Criteria for Infrastructure and Project Finance

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=682867

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=869474

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Contacts

Fitch Ratings
Primary Analyst
Andrew Joynt
Associate Director
+1-415-732-5622
Fitch Ratings, Inc.
650 California St.
San Francisco, CA 94108
or
Secondary Analyst
Christopher Joassin
Director
+1-312-368-3166
or
Committee Chairperson
Gregory Remec
Senior Director
+1-312-606-2339
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Andrew Joynt
Associate Director
+1-415-732-5622
Fitch Ratings, Inc.
650 California St.
San Francisco, CA 94108
or
Secondary Analyst
Christopher Joassin
Director
+1-312-368-3166
or
Committee Chairperson
Gregory Remec
Senior Director
+1-312-606-2339
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com