S&P lowers AES Ironwood bonds

Standard & Poor's said it lowered its rating on AES Ironwood LLC's $253.5 million principal amount outstanding of senior secured bonds to B from B+.

The outlook is stable.

The downgrade reflects a significant decline in the project's fixed capacity rate without commensurate cost reductions during 2010, the agency said. All else equal, S&P estimates that this reduction will result in a decline of about $10 million in AES Ironwood's net revenues in 2010 compared with that for 2009.

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