AES Corp. upgraded by S&P to BB+
The AES Corporation's credit rating was upgraded one notch by S&P Global Ratings, to BB+ from BB. The upgrade was a direct result of accelerated debt reduction from asset sale proceeds. "We are pleased that in recognition of our substantial de-levering, S&P has upgraded our credit rating to BB+. We remain committed to achieving investment grade credit metrics by 2019," said Tom O'Flynn, AES EVP and CFO. "Our continued credit improvement should enhance our financial flexibility and improve our equity valuation." AES closed the sale of its entire equity interest in its businesses in the Philippines, to SMC Global Power Holdings Corp. for $1.05B in proceeds. The sale included AES' equity interest in the 630 MW Masinloc coal-fired power plant in operation, the 335 MW Masinloc 2 coal-fired power plant under construction and the 10 MW Masinloc energy storage project in operation.