Ashmore Energy International (AEI) Rated 'BB' by Fitch Ratings.AEI's proposed US$1.0 billion senior term loan and US$500 million senior revolver credit facility also rated 'BB' by Fitch NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- AEI AEI American Enterprise Institute AEI Archive of European Integration AEI Australian Education International AEI Automotive Engineering International AEI Australian Education Index AEI Albert Einstein Institute announced today that Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a 'BB' Issuer Default Ratings (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) to the company and a 'BB' issue rating for the company's proposed US$1.0 billion senior term loan and US$500 million senior revolver credit facility. The ratings reflect a solid portfolio of energy companies with predictable cash flow and moderate leverage, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Fitch Ratings' analysis. Also in accordance with the agency, AEI's contract and regulated revenues and cash flows stability and low business risk as well as AEI's experienced operating management team were also important factors for the rating. The US$1.0 billion seven-year term loan will be used to refinance AEI's existing senior and bridge loan facilities associated with the acquisition of Prisma Energy International Prisma Energy International Inc., was a former subsidiary of Enron Corporation, formed in 2003 to own and manage the majority of Enron's overseas assets, formerly known as "Enron International". (Prisma Energy) in a two stage transaction that was completed in September June 2006. The five-year revolver of US$500 million will fund working capital for potential growth projects, acquisitions and general corporate needs. AEI owns and operates essential energy infrastructure in emerging markets. AEI manages interests in a group of 19 energy assets (27 assets including Promigas' subsidiaries) with operations in 14 countries and more than US$2 billion in revenues and 9,800 employees. The company serves approximately 8 million customers worldwide by operating through three business segments: Natural Gas Distribution, Transportation and Services; Power Distribution; and Power Generation with approximately 37,000 km of gas and liquids pipelines, 120,000 km of power transmission and distribution lines, and a gross installed capacity of 1,675 MW. You can visit the AEI website at www.ashmoreenergy.com. |
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