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Ameren Corp. May 04
Standard & Poors, May 2004
Abstract
A diverse service area. Extremely low fuel costs. Relatively low-cost producer with competitive rates. The bulk of operating income (80%) is derived from regulated operations. Excellent nuclear operations. Effective cost containment. No deregulation in Missouri for the foreseeable future. Investment in riskier unregulated generation business. Risks of nonrenewal of purchased-power agreements, exposing AmerenEnergy Generating Co.'s (AEGC) and AmerenEnergy Resources Generating Co.'s (AERG) assets to market sales and commodity price risk. Excess unregulated power being marketed into weak Midwest power markets. Nuclear asset concentration at subsidiary Union Electric Co. Potentially tighter environmental standards. Increasing pension and employee benefit costs. Potentially weaker business profile and erosion of financial measures resulting from Ameren's pending acquisition of Illinois Power. The ratings on St. Louis,...
Companies mentioned in this report are: Ameren Corp.,Central Illinois Light Co.,Ameren Illinois Co.,Ameren Missouri,CILCORP Inc.,AmerenEnergy Generating Co.
Action: Review
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.
Research Type: Full Analysis
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