Moody's rates AES notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to AES Corp.'s proposed up to $500 million senior notes due March 2024 and affirmed the company's corporate family rating at Ba3, senior debt rating at Ba3, probability of default rating at Ba3-PD, convertible trust preferred rating at B2, senior secured bank credit facility at Ba1 and speculative grade liquidity rating at SGL-2. The outlook is stable.

Proceeds will be used to fund tender offers for the company's 7¾% senior notes due 2015, 9¾% senior notes due 2016 and 8% senior notes due 2017.

The affirmation of AES' ratings is driven by Moody's expectation that the company will be able to report key financial metrics at both the parent level and on a consolidated basis that remain overall commensurate with those of the lower Ba-rating range.

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