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S&P upgrades AES, subsidiaries

Standard& Poor's Ratings Services raised AESCorp.'s corporate credit rating to BB from BB- on April 13.

The upgradewas based on S&P's revised project developer criteria which places AES' businessrisk assessment at satisfactory reflecting "the quality of distributions fromsubsidiaries to cover corporate-level obligations and the overall level of industryrisk and country origination of these distributions."

S&Palso upgraded the issuer credit rating of IPALCOEnterprises Inc. and its subsidiary Indianapolis Power & Light Co. to BBB- from BB+ the sameday. The upgrade coincides with the credit action at parent AES.

"Werate IPALCO two notches higher than AES because of IPALCO's higher stand-alone creditprofile and structural protections in place that insulate IPALCO. These protectionsinclude dividend limitations, a significant minority shareholder with an economicinterest and certain veto rights, and a nonconsolidation opinion. We rate IP&Lin line with IPALCO because in our view it is an integral and fully supported subsidiary,"S&P noted.