Research Update: IPALCO Enterprises Inc. Sep 04

Standard & Poors, September 2004

Abstract
On Sept. 17, 2004, Standard & Poor's Ratings Services affirmed its 'BB+' corporate credit ratings on IPALCO Enterprises Inc. and its subsidiary Indianapolis Power & Light Co. (IPL) and revised the outlook on the companies to positive from stable. The outlook revision is solely due to the companies' rating linkage to The AES Corp. (B+/Positive/--), whose corporate credit rating was also affirmed and outlook revised to positive. (see research update on AES published Sept. 17, 2004). The outlook revision on AES reflects a trend of improving credit metrics both at the parent level and on a consolidated basis over the past year, a trend that should continue based on management's public statements regarding its goals for debt reduction and Standard...

Companies mentioned in this report are:
- IPALCO Enterprises Inc.
- Indianapolis Power & Light Co.
- The AES Corp.

Action: Outlook: Positive

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- IPALCO Enterprises Inc.
- Indianapolis Power & Light Co.
- The AES Corp.

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