CILCOCentral Illinois Light Company
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To accomplish the reorganization CILCO and IP will be merged into CIPS, and CIPS will be renamed Ameren Illinois Company (AIC).
Given the financial improvement achieved by each of the three utilities in 2009, the new entity could be assigned a 'BBB' IDR, assuming a reasonable outcome in the three utilities' pending electric and gas rate cases, in which case the IDRs of CIPS and CILCO would be upgraded to 'BBB' from 'BBB-' with a similar one notch upgrade of their secured debt and preferred stock ratings to 'BBB+' and ' BBB-', respectively, while CILCO's 'BBB' IDR and 'BBB+' secured debt ratings would be unchanged.
The ratings of CILCO reflect its strong earnings and cash flow from regulated utility activities, modest leverage and a constructive deregulation program in Illinois.
CILCORP's largest subsidiary, Central Illinois Light Company, CILCO, serves 200,000 electric and more than 200,000 natural gas customers.
Ameren's IT staff estimates the Nsure solution saved administrators 25 man-days of manual effort when setting up new accounts for CILCO employees who joined Ameren through the acquisition; and that time savings will be compounded every time a user's identity or access rights need to be modified across systems.
Coast Guard Asks PHA to Implement Additional Security LATH056 03/20/2003 14:27 r f bc-NV-Atronic-Acquires (LUEBBECKE) Atronic Acquires MIS Group PHTH051 03/20/2003 14:27 r f bc-PA-Sovereign-guidance (PHILADELPHIA) Sovereign Reaffirms Guidance for First Quarter 2003 CGTH048 03/20/2003 14:28 r n bc-IL-CUB-ICC-block-CILC (CHICAGO) CUB Asks ICC to Block $14 Million CILCO Gas Rate Increase; Group Says Hike Is Unwarranted CLTH021 03/20/2003 14:29 r f bc-OH-Brantley-Capital (CLEVELAND) Brantley Capital Corporation Announces Settlement PHTH050 03/20/2003 14:29 r f bc-NJ-Wellman-conf-call (SHREWSBURY) Wellman, Inc.
When the company's expenses and investments are adjusted and a more appropriate profit rate is applied, the analysis shows CILCO can justify no more than a $3 million, or 4 percent, revenue increase.
After the acquisition, CILCORP will be structured as an intermediate holding company and CILCO will continue to be a direct subsidiary of CILCORP.
CILCO, an integrated electric and gas utility based in Peoria, Illinois, serves more than 200,000 electric and gas customers in central Illinois.
CILCO resells plant output to Caterpillar -- AmerenCILCO's largest industrial customer.
The revised ratings of AES, IPALCO, IP&L, CILCORP and CILCO are as follows: