S&P rates Indianapolis Power & Light bonds BBB-

Standard & Poor's said it assigned its BBB- rating to Indianapolis Power & Light Co.'s (BB+/positive) $158.8 million first-mortgage bonds due 2036.

The agency said that proceeds will be used to redeem $100 million 7.05% first-mortgage bonds due 2024 and for the repayment upon maturity of $58.8 million 8% first-mortgage bonds due October 2006.

The agency said that Ipalco Enterprises Inc.'s (BB+/positive) creditworthiness reflects a strong business risk profile score of 4 and a somewhat subpar but improving financial condition.

Supporting the company's strong business position are competitive rates, responsive Indiana regulation, a healthy service area and efficient operations, offset by relatively heavy environmental expenditures, the agency added.

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