Cleco Corporation Reacts To Standard & Poor's Action.Business Editors PINEVILLE, La.--(BUSINESS WIRE)--Nov. 15, 2002 Cleco Corp. (NYSE NYSE See: New York Stock Exchange , PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. : CNL CNL CityNightLine (German Rail) CNL Cancel CNL Clinical Nurse Leader Cnl Colonel CNL Center for Naval Leadership CNL Compensated Neutron Log (oil industry) ) expressed disappointment Friday over Standard & Poor's decision to lower the corporate credit ratings of the corporation and its utility subsidiary from BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. + to BBB. Cleco President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. David Eppler said, "We're disappointed with the downgrade. The agency's unease with our counterparties is certainly understandable; however, we still see value in our wholesale generating assets. As we've said before, we have been preparing strategies to deal with a variety of scenarios with our counterparties. "The core of our company remains our strong, competitive regulated utility, which has continued to meet our expectations. Historically, our energy trading operation, which we have decided to significantly reduce, has not been a large part of our business," Eppler said. "I think our abilities are best seen in the performance of our company," Eppler said. "Our regulated utility represents about 75 percent of our business, and it's a business we know well. We've been serving central Louisiana for more than 65 years, and we're known across the state for our reliability. The outstanding service we provide can't be quantified in any financial analysis." Cleco Corporation is a regional energy services company headquartered in Pineville, LA. It operates a regulated electric utility company that serves more than 250,000 customers across Louisiana. Cleco also operates an unregulated midstream energy business that has approximately 2,100 megawatts of generating capacity. For more information about Cleco, visit www.cleco.com. Please note: This news release contains forward-looking statements about future results and circumstances with respect to which there are many risks and uncertainties, including the weather and other natural phenomena, state and federal legislative and regulatory initiatives, the timing and extent of changes in commodity prices and interest rates, the operating performance of Cleco Power's and Midstream's facilities, and the other risks and uncertainties more fully described in the Company's latest Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Report on Form 10-Q Form 10-Q See 10-Q. . Actual results may differ materially from those indicated in such forward-looking statements. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion