S&P rates Indianapolis P&L bonds BB+

Standard & Poor's said it assigned its BB+ rating to Indianapolis Power & Light Co.'s (BB+/negative/--) $100 million first mortgage bonds due January 2034.

Indianapolis Power & Light is the primary subsidiary of Ipalco Enterprises Inc., an Indianapolis-based holding company that was acquired by The AES Corp. in early 2001.

Proceeds will be used to retire all $80 million principal amount of the company's 6.05% first mortgage bonds due February 2004 and to finance a portion of the company's 2003-2006 construction program.

S&P said the ratings on Indianapolis Power & Light reflect the company's linkage to AES. AES is a global power company that owns assets throughout the world. S&P's ratings of individual entities within AES are a function of AES, whose consolidated financial profile is significantly weaker than that of Ipalco and Indianapolis Power & Light.

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