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Ameren Corp. Feb 03
Standard & Poors, Feb 2003
Abstract
Excellent nuclear operations. A diverse service area. Extremely low fuel costs. Relatively low-cost producer; competitive rates. About 78% of operating income and about 85% of cash flow are derived from regulated operations. Wholesale prices will not have a significant effect on AmerenEnergy Generating Co.'s revenue stream until at least 2005 when contract with Central Illinois Public Service Co. (CIPS) expires, or 2007, once contract is extended. About 90% of unregulated generation assets will be under contract by the summer of 2003. Unregulated generation business could become fully exposed to market sales and commodity price risk if purchased-power agreements are not rolled over or extended as expected. Nuclear asset concentration at subsidiary Union Electric Co. Potentially tighter environmental standards. The ratings...
Companies mentioned in this report are: Ameren Corp.,Ameren Illinois Co.,Ameren Missouri,Gateway Fuel Corp.,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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