Fitch: Ipalco outlook stable

Fitch Ratings said it affirmed the issuer default ratings of Ipalco Enterprise, Inc. and Indianapolis Power & Light Co. at BBB- and changed the outlook to stable from positive.

The outlook revision primarily reflects Fitch's concern over the weak economy and lower wholesale power pricing environment that are likely to reduce Indianapolis Power & Light's margins and result in lower dividend distributions to Ipalco.

Fitch said the ratings for Ipalco are based on the credit profile of its utility subsidiary, Indianapolis Power & Light, restrictions on dividend distributions from Indianapolis Power & Light to Ipalco and the limited financial flexibility of its parent, AES Corp. (B+) to provide equity support.

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