S&P gives Indianapolis Power bonds BBB-

Standard & Poor's said it assigned its BBB- rating to Indianapolis Power & Light Co.'s (BB+/positive) $165 million first mortgage bonds due June 1, 2037.

The agency said that the proceeds will be used to repay on maturity $80 million of 7.365% first mortgage bonds due August 2007, repay short term debt, finance a portion of the company's construction program and for other general corporate purposes.

According to S&P, the ratings on Indianapolis Power, the primary subsidiary of Ipalco Enterprises Inc., reflect its linkage to The AES Corp. (BB-/stable) and the ratings on individual AES entities reflect the parent's consolidated credit quality, which is significantly weaker than that of Ipalco and Indianapolis Power.

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