S&P drops Ameren

Standard & Poor's said it lowered its long-term corporate credit ratings on Ameren Corp. and subsidiaries Union Electric Co. and AmerenEnergy Generating Co. to BBB- from BBB.

S&P said it also lowered its long-term corporate credit rating on Ameren's Illinois subsidiaries, Illinois Power Co., Central Illinois Public Service Co., Cilcorp Inc. and Central Illinois Light Co., to BB from BBB-.

The first mortgage bonds for Ameren's Illinois utilities were lowered to BBB- from BBB except Illinois Power's first mortgage bonds, which were already rated BBB-, the agency noted.

The ratings on all the companies are still on CreditWatch with negative implications, S&P said, adding that the downgrades follow the passage in the Illinois Senate of an Ameren-specific bill that would roll back electric rates to 2006 levels, freeze rates at those levels for at least one year and refund to customers increases imposed since Jan. 1.

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