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Ameren Corp. Jun 05
Standard & Poors, June 2005
Abstract
A diverse service area, Extremely low fuel costs, Relatively low-cost producer with competitive rates, Bulk of operating income derived from regulated operations, with stable and relatively predictable cash flows, No deregulation in Missouri for the foreseeable future and likely legislation enabling the recovery of fuel and environmental costs, Extensive support for a generation auction process in Illinois after the rate freeze ends in 2006, Potential upside for unregulated generation business in 2007 and beyond, assuming higher prices in the Illinois competitive market versus current contracted prices, and Common equity issuance of $1.3 billion to finance the cash portion of the Illinois Power Co. acquisition and reduce Illinois Power's debt. Unresolved regulatory framework in Illinois after the rate freeze ends in...
Companies mentioned in this report are: Ameren Corp.,Central Illinois Light Co.,Ameren Illinois Co.,Illinois Power Co.,Ameren Missouri,CILCORP Inc.,Vectren Corp.,Integrys Energy Group Inc.,AmerenEnergy Generating Co.,Exelon Corp.
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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