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Tuesday, August 14, 2012
Moody's Withdraws Rating for Hawaii's Largest Coal Plant
By News Release @ 8:28 PM :: 6566 Views :: Energy

AES Hawaii, Inc. -- Moody's withdraws rating of AES Hawaii

 

Approximately $348 million of senior secured notes affected

News Release from Moody’s Investor Services, www.moodys.com

New York, August 14, 2012 -- Moody's Investors Service has withdrawn its B1 rating and negative outlook for AES Hawaii, Inc.'s approximately $348 million 6.87% senior secured notes. The rating has been withdrawn because Moody's believes it has insufficient information to support the maintenance of the rating. Please refer to Moody's Withdrawal Policy on www.moodys.com.

RATINGS RATIONALE

AES Hawaii is a 180 MW coal-fired circulating fluidized bed generating facility located at Barbers Point, on the Hawaiian island of Oahu. The project has been in operation since 1992 and sells all of its output to Hawaiian Electric Company, Inc. (HECO: Baa1 senior unsecured) under a power purchase agreement (PPA) that extends to September 2022. The project also sells steam to a nearby Chevron refinery.

The principal methodology used in this rating was Power Generation Projects published in December 2008. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

read … The Full Report

August 6, 2012: AES Reports Adjusted Earnings Per Share of $0.18 for Second Quarter 2012 and $0.55 for First Half 2012; Reaffirms 2012 Earnings Per Share Guidance Range; Declares First Cash Dividend Since 1993

Related: Abercrombie to Tesoro: Drop Dead

August 11: Inouye, Abercrombie, Chong Look to Alaska for Natural Gas   

August 1: LNG could ease Hawaii’s high energy costs

 

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