Fitch Revises Rating Watch On CILCO To Positive; Ameren Remains On Watch Negative.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 31, 2003

Fitch Ratings has revised the Rating Watch status of CILCORP and Central Illinois Light Company (CILCO) to Positive from Evolving upon the announcement that Ameren Corporation (Ameren) has completed its acquisition of CILCORP and its subsidiary, CILCO.

CILCORP's and CILCO's ratings have been constrained by the ratings of its previous owner The AES Corporation (senior secured rated 'BB' by Fitch). On a standalone basis the credit profiles of CILCORP and CILCO are consistent with entities in the 'BBB' and 'A' ratings categories, respectively. Fitch intends to resolve the Rating Watch and refine the ratings within those categories following a meeting with management later in February. One element of the review will be the potential transfer of CILCO's generating assets to a subsidiary as disclosed in a recent Public Utility Holding Act of 1935 filing with the Securities and Exchange Commission. In connection with this transfer, CILCO will enter into a power purchase agreement with the generating entity.

Fitch also maintains the Rating Watch Negative status for Ameren pending review of the integration and restructuring as a result of the acquisition. The ratings of AmerenUE, AmerenCIPS and Ameren Energy Generating Company are unaffected.

Ameren serves 1.5 million electric customers and 300,000 natural gas customers in a 44,500-square-mile area of Missouri and Illinois. CILCORP's largest subsidiary, Central Illinois Light Company, CILCO, serves 200,000 electric and more than 200,000 natural gas customers.

CILCORP

--Senior unsecured debt 'BBB-'

--Rating Watch revised to Positive from Evolving.

CILCO

--First mortgage bonds and secured pollution control revenue bonds 'BBB ";

--Senior unsecured debt 'BBB-';

--Preferred stock 'BBB-';

--Commercial paper 'F2';

--Rating Watch revised to Positive from Evolving.

Ameren Corporation

--Senior unsecured 'A+';

--Commercial paper 'F1';

--Rating Watch Negative.

AmerenUE

--Senior secured 'AA-';

--Senior unsecured 'A+';

--Junior subordinated debt 'A';

--Preferred stock 'A'.

AmerenCIPS

--Senior secured 'A';

--Senior unsecured 'A-';

--Preferred stock 'BBB+'.

Ameren Energy Generating Company

--Senior unsecured 'BBB+'.